Balance Sheet: Reporting Liabilities
A liability is a legal debt or obligation that arises during business operations. A current liability, such as accounts payable, is payable within one year. A noncurrent liability, such as bonds payable, long-term loan, and finance lease, is an obligation that is due in over a year. Financial statements are a central feature of financial reporting; a principal means of communicating financial information to those outside an entity. This course discusses generally accepted accounting principles (GAAP) for reporting liabilities, both current and noncurrent, on the balance sheet.
Course information
This course is included in our MEGA CPE Unlimited Bundle
Course No. 7036
Instructional Delivery Method: QAS Self-Study
Format: Online pdf (117 pages). Printed book available.
Prerequisites: Basic accounting
Advance Preparation:None
Level: Overview
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: December 2021
Objectives
Course Objectives
After completing this Reporting Liabilities course, you should be able to:
- Recognize basic principles of reporting liabilities on the balance sheet
- Identify classification and characteristics of liabilities
- Recognize the appropriate rules to account for contingencies
- Identify accounting procedures for accounts payable and deferred revenues
- Recognize rules for the troubled debt, environmental liabilities, and lessee accounting
- Recognize the accounting procedures for bonds payable and notes with no stated rate of interest
Chapter Headings:
Chapter 1: Financial Reporting Standards
Chapter 2: Current Liabilities
Chapter 3: Noncurrent Liabilities
Ratings and Reviews
chris petkiewicz
Liked this course, nice refresher
A good Presentation