Balance Sheet: Reporting Assets (5 hrs)

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Course Description

Asset Reporting on the Balance Sheet

This course discusses generally accepted accounting principles (GAAP) for asset reporting on the balance sheet. An asset is an item of economic value that is expected to yield a benefit to the owing entity in future periods. Assets are classified as being either current or noncurrent assets. A current asset, such as cash, account receivable, and prepaid expenses, is expected to be consumed within one year, while noncurrent assets, such as long-term investments, property, plant and equipment, and intangible assets, are to be consumed in more than one year. This course includes a discussion of both current and noncurrent assets. For example, promulgated GAAP for current assets is provided in ASC 210-10-45-1 through 45-4, Balance Sheet: Overall. Receivables are covered in ASC 310 Receivables comprising nonrefundable fees, loans and debt securities, and troubled debt restructurings by creditors. Guidance on the accounting and reporting of inventory is provided in ASC 330 Inventory. ASC 360 Property, Plant, and Equipment provides guidance on accounting for long-lived tangle assets such as land and land improvements, buildings, and equipment.

This course is included in the MEGA CPE Bundle.

Course information

Price: $67


Course No. 7034
Format: Online pdf (107 pages).
Instructional Delivery Method: QAS Self-Study
Prerequisites: Basic Accounting
Advance Preparation: None
Level: Basic to Intermediate
CPE Credit: 5 hrs.
Field of Study: Accounting
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: May 2021

Objectives

After completing this course, participants should be able to:

  1. Recognize basic principles of reporting assets on the balance sheet
  2. Identify accounting procedures for cash and accounts receivable
  3. Recognize how to how to compute inventory balances
  4. Identify the reporting requirements of debt securities
  5. Recognize how to account for and report tangible assets
  6. Identify accounting procedures for amortizing intangible assets


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Zachary Merritt
Posted 12 months ago
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Good refresher course.

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