Discusses books and records, inventory, aftersale fiscal products and another issues unique to the industry These may include related fiscal companies, covenant not to compete, advertising associations, etc.....
TABLE OF CONTENTS
CHAPTER 1: INDUSTRY BACKGROUND
- Titling Issues and Processes 1-7
- Records 1-3
- Initial Interview 1-11
- Information Sources on Used Car Dealers 1-18
- Industry Summary 1-1
- Industry Jargon 1-1
- Impact of State Regulation and State Law 1-2
- Curbstoners 1-3
- Consignments 1-5
- Automobile Sales 1-9
- Auctions 1-6
CHAPTER 2: ACCOUNTING METHODS
- General Information 2-1
- Change of Accounting 2-2
CHAPTER 3: GROSS RECEIPTS
- Warranty Contracts 3-5
- State Departments of Transportation/
- Sales Taxes, Registration & Licensing Fees 3-7
- Repossessed Vehicles 3-11
- Rebate Financial gain 3-4
- Non-Taxable Receipts 3-8
- Motor Vehicles 3-10
- Miscellaneous Financial gain 3-2
- Internal Controls 3-1
- Income Coverage 3-8
- Fee Financial gain 3-3
- Dealer Funding 3-6
- Consignments 3-6
CHAPTER 4: COST OF GOODS SOLD/INVENTORY
- Trade-in Valuation 4-6
- Trade-Ins 4-4
- Specific Audit Techniques 4-14
- Sample Workpapers 4-19
- Repossessions 4-11
- References 4-17
- Issues 4-12
- Inventory Valuation 4-3
- General Audit Techniques 4-13
- Cost Basis of a Trade-In 4-4
- Accounting Records 4-3
CHAPTER 5: BALANCE SHEET
- Short Term Liabilities 5-7
- Retained Earnings 5-10
- Other Current Liabilities 5-7
- Loans to Shareholders 5-3
- Loans Versus Constructive Distributions 5-4
- Loans From Shareholders 5-6
- Inventory 5-3
- Fixed Assets 5-5
- Deferred Financial gain Accounts 5-8
- Cash 5-1
- Accounts Due 5-2
CHAPTER 6: EXPENSE ISSUE
- Vehicle Service Contracts
- Travel and Amusement 6-15
- Rent Expense 6-14
- Policy Activity or Adjustments 6-13
- Payroll 6-13
- Legal and Professional 6-5
- Interest Expense 6-5
- Insurance Expense 6-10
- Group Health Insurance 6-11
- Freight and Delivery 6-6
- Employee Benefits 6-6
- Dues and Subscriptions 6-5
- Demonstration Expense 6-8
- Corporate Closely held Life Insurance 6-12
- Contributions 6-4
- Commissions and Fees 6-7
- Amortization 6-2
- Advertising Expense 6-2
- (Extended Service Warranty) 6-12
