Shop Courses > Accounting for Truckers

Accounting for Truckers #379926

Course Overview

Credit

Amount

CPA

Course Author: Steven M. Bragg, CPA Field of Study (CPA): Accounting

Course Description

Course publication/revision date: This course was updated on 1/11/2026.

Trucking operations tend to run on narrow margins, and so must operate well-designed accounting systems to help them identify and correct problems as quickly as possible. In the Accounting for Truckers course, we describe the general principles of accounting as they apply to trucking operations, identify accounting transactions specific to trucking, demonstrate how to set up a record keeping system, control costs, measure performance, and much more.

Table of Contents

Chapter 1: General Principles1

Introduction	1
Financial Accounting Basics	1
The Accounting Cycle	2
Accounting Transactions	3
Source Documents	4
Double Entry Accounting	4
The Accounting Equation	5
Journal Entries	7
Major Journal Entries	8
Depreciation	9
The Accruals Concept	9
The Realization Concept	10
Accrual Basis of Accounting	10
Cash Basis of Accounting	11
The Financial Statements	12
The Income Statement	12
The Balance Sheet	13
The Statement of Cash Flows	15
Summary	17
Review Questions	18

Chapter 2: Accounting Transactions for Trucking19

Introduction	19
Driving School Expenditures	19
Department of Transportation Fees	20
Depreciation	20
International Registration Plan Tags	20
International Fuel Tax Agreement Payments	21
Heavy Highway Vehicle Use Tax	21
Other Permit Fees	21
Primary Payroll Journal Entry	22
Per Diem Expenditures	22
Sales Tax Remittances	23
Summary	23
Review Questions	24

Chapter 3: Payroll Processing25

Introduction	25
The Independent Contractor Designation	25
The Payroll Cycle	26
Procedure: Add an Employee	27
Procedure: Timesheet Data Collection	28
Procedure: Process Payroll	28
Procedure: Issue Payments to Employees	29
Payroll Register	30
Payroll Outsourcing	30
Reasons to Outsource Payroll	31
Reasons Not to Outsource Payroll	32
Summary	32
Review Questions	33

Chapter 4: Accounting Record Keeping34

Introduction	34
Alphabetic Storage	34
Additional Alphabetic Storage Rules – Business Names	37
Problems with Alphabetic Storage	37
Subject Storage	37
Record Storage Equipment	39
Record Storage Supplies	40
Guides and Special Guides	40
Tabs	41
Folders	41
Additional Supplies	42
Record Preparation and Filing	43
Summary	43
Review Questions	44

Chapter 5: How to Organize the Business45

Introduction	45
Legal Structures	45
Sole Proprietorship	45
Partnership	45
Corporation	45
Limited Liability Company	46
Which Structure to Choose	46
Obtain an Employer Identification Number	47
Obtain a USDOT Number	47
Obtain an MC Authority	47
Set Up a Checking Account	47
Obtain a Company Credit Card	48
Set Up Payment Receipt Methods	48
Acquire Accounting Software	49
Plan for Supplier Payments	49
Designate a Bookkeeper	49
Explore Financing Options	49
Obtain General Liability Insurance	50
Coverage Limitations	51
Umbrella Coverage	51
Obtain Commercial Property Insurance	51
Types of Property	52
Policy Inclusions	52
Policy Exclusions	52
Obtain Cargo Insurance	52
Summary	53
Review Questions	54

Chapter 6: Cost Controls55

Introduction	55
Understand Your Fixed Costs	55
Understand Your Contribution Margin	55
Understand Your Breakeven Point	56
Follow a Budget	58
Track Costs on a Trend Line	59
Track Costs and Profits by Job	59
Standardize the Contract	59
Add a Fuel Surcharge	59
Review Billings	59
Collect, Collect, Collect	60
Drop Below-Standard Customers	60
Use a Fuel Card	60
Use Cash Back Credit Cards	61
Require Meal Receipt Storage	61
Record No-Receipt Payments	61
Reconcile the Bank Statement	61
Maintain Warranty Records	62
Conduct Maintenance on Schedule	62
Establish a Freight Lane	62
Avoid Deadhead Miles	62
Enhance Driver and Truck Efficiency	63
Enforce Cargo Protection Policies	63
Properly Store Logbooks	63
Reduce Insurance Costs	63
Summary	64
Review Questions	65

Chapter 7: Trucker Metrics66

Introduction	66
Revenue per Mile	66
Cost per Mile	66
Profit per Mile	66
Fuel Cost per Gallon	66
Days Sales Outstanding	66
Days Payables Outstanding	67
Summary	68
Review Questions	69

Answers to Chapter Questions	70
Glossary	75
Index	78

Course Details

Author: Steven M. Bragg, CPA

Steven Bragg, CPA, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young. He received a master’s degree in finance from Bentley College, an MBA from Babson College, and a Bachelor’s degree in Economics from the University of Maine. He has been a two-time president of the Colorado Mountain Club, and is an avid alpine skier, mountain biker, and certified master diver. Mr. Bragg resides in Centennial, Colorado. He has written more than 300 books and courses, including New Controller Guidebook, GAAP Guidebook, and Payroll Management.

Publication/Revision Date: 1/11/2026

Course Exam Questions: 20 (multiple-choice)

Program Delivery Method: Self-Study (NASBA QAS Self-Study)

Available Formats of Course Text: Downloadable PDF, Printed/Mailed

Course Level, Prerequisites, and Advance Preparation Requirements

License	Course Level	Prerequisites	Advance Preparation Requirements
CPA	Overview	None	None

* This program is appropriate for professionals at all organizational levels.

Sponsor ID Numbers

National Registry of CPE Sponsors I.D.: 107615

State CPA Board Sponsor ID Numbers (where applicable)

Florida Division of Certified Public Accounting: 0004761

Hawaii Board of Public Accountancy: 14003

New York State Board for Public Accountancy: 002146

Ohio Accountancy Board: .51 PSR

Pennsylvania State Board of Accountancy: PX178025

Texas State Board of Public Accountancy: 009349

Learning Objectives

As a result of studying the course material, you should be able to meet the objectives listed below:

Identify how the accounting cycle operates.
Specify the characteristics of a double entry accounting system.
Describe how the accrual method of accounting works.
Identify the accounts typically included in a trucker's financial statements.
Specify how a balance sheet is constructed.
Identify the general account classifications used on a balance sheet.
Recall the elements of the journal entries used by a trucking business.
Specify the contents of a payroll register.
Identify the responsibilities of the parties when payroll is outsourced.
Specify how to set up a record storage system.
Specify the rules for dealing with cross-referencing in a filing system.
Recall the physical storage systems that can be used for record storage.
Recall the advantages and disadvantages of the different legal structures that a trucking business might use.
Specify how freight factoring works for a trucking business.
Identify the coverage provided by a claims-made policy.
Recall the advantages of using a fuel card.
Recall the advantages of setting up freight lanes.
Identify the metrics that can be used to monitor the performance of a trucking business.