|Author :||Jae K. Shim, Ph.D., CPA|
|CPE Credits :||6.0|
|IRS Credits :||0|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Accounting - Accounting for Course Id 602
This course discusses generally accepted accounting principles (GAAP) for assets. It includes a discussion of accounts and loans receivable, inventory, prepaid expenses, fixed assets, capitalized interest, exchange of assets, impairment of assets, involuntary conversion, intangibles, and transfer of financial assets. Promulgated GAAP for current assets is provided in ASC 210-10-45-1 through 45-3, Balance Sheet: Overall. Current assets have a life of one year or the normal operating cycle of the business, whichever is greater. The accounting policies and any restrictions on current assets must be disclosed.
|Usage Rank :||0|
|Experience Level :||Overview|
|Additional Contents :||Complete, no additional material needed.|
|Advance Preparation :||None.|
|Delivery Method :||Self-Study|
|Intended Participants :||Anyone needing Continuing Professional Education (CPE).|
|Revision Date :||05-Apr-2014|
|NASBA Course Declaration :||Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.|
|Approved Audience :||
NASBA QAS - NASBA Registry - 602
|Learning Objectives :||
2. Identify items considered cash.
3. Indicate how cash and related items are reported.
4. Define receivables and differentiate between factoring, pledging, and assignment of receivables.
5. Explain accounting issues related to disposition of accounts and notes receivable
6. Outline ASC 310 and 360 guidelines for accounting for impairment of assets.
2. Describe the effects of inventory errors on the financial statements.
3. Discuss inventories including purchase contract commitments, consigned goods, financing product arrangements and lower of cost or market.
4. Explain the dollar-value LIFO method.
5. Explain disclosure requirements.
2. Explain self-constructed assets and exchange/disposal of assets.
3. Account for the impairment of long-lived assets.
4. Discuss the accounting treatment for nonmonetary exchanges.
2. Explain the procedure for amortizing intangible assets.
3. Outline the presentation of intangible assets and related items.
4. Describe the accounting procedures for research and development costs and for other similar costs.
5. Account for goodwill according to ASC 350.
6. Present intangible assets and related items.
|Course Contents :||
Chapter 1 – Cash and Receivables
Chapter 2 - Inventory
Chapter 3 – Fixed Assets
Chapter 4 – Natural Resources and Intangibles
Annual Report References