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Balance Sheet: Reporting Assets (Course Id 880)

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Author : Jae K. Shim, Ph.D., CPA
Status : Production
CPE Credits : 4.5
IRS Credits : 0
Price : $40.45
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 880

Description :


This course discusses generally accepted accounting principles (GAAP) for reporting assets 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.

Usage Rank : 0
Release : 2019
Version : 1.0
Prerequisites : Basic Accounting.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 11-Dec-2019
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 - Text - Technical - NASBA Registry - 880

Keywords : Accounting, Balance, Sheet, Reporting, Assets, cpe, cpa, online course
Learning Objectives :

Chapter 1
Cash and Receivables

After completing this chapter, you should be able to:
  • Recognize how to properly account for and classify assets.
  • Indicate how cash and related items are reported.
  • Recognize receivables and how to correctly factor and assign them.
  • Identify correct disclosure requirements for receivables.

Chapter 2

After completing this chapter, you should be able to:
  • Recognize how to account for inventories including different costs, consigned goods, financing product arrangements and lower of cost or market.
  • Recognize how to compute inventory balances using the LIFO method.
  • Identify proper disclosure requirements for inventory.

Chapter 3
Fixed Assets

After completing this chapter, you should be able to:
  • Recognize how to account for different fixed asset costs.
  • Identify accounting procedures for fixed assets such as conversions, depletion and exchange/disposal of assets.
  • Recognize disclosure requirements for fixed assets.

Chapter 4
Natural Resources and Intangibles

After completing this chapter, you should be able to:
  • Recognize the accounting procedures for depletion of natural resources.
  • Identify the procedures for amortizing intangible assets.
  • Recognize the disclosure requirements for intangibles.
Course Contents :

Chapter 1:    Cash and Receivables

Learning Objectives



Accounts Receivable

Notes Receivable

Loans Receivable

Impairment of Loans

Determining the Value of an Impaired Loan

Evaluating Loan Collectibility

Income Recognition

Disclosure Requirements

Lending to or Financing the Activities of Others

Chapter 1 Review Questions

Chapter 2:    Inventory

Learning Objectives


Purchase Contract Commitments

Freight Terms

Consigned Goods

Financing Product Arrangements

Lower of Cost-or-Market Value (LCM)

Retail Method

Retail Lower-of-Average-Cost-or-Market-Value (Conventional Retail) Method

Retail LIFO

Dollar-value LIFO

Base Stock Method

Costs Excluded from Inventory

Standard Costing

Relative Sales Value Method

Stripping Costs

Research and Development

Terminated Contracts

Discontinued Operations



Prepaid Expenses

Long-Term Investments

Fair Value Option for Long-Term Notes Receivable

Chapter 2 Review Questions

Chapter 3:    Fixed Assets

Learning Objectives

Fixed Assets

Self-Constructed Assets

Donation of Fixed Assets

Writing up Fixed Assets

Land and Land Improvements




Accounting for the Impairment of Long-Lived Assets and Related Considerations

Long-Term Assets to Be Retained and Used

Capitalized Interest

Nonmonetary Transactions

Accounting for Barter Transactions Involving Barter Credits

Involuntary Conversion

Asset Retirement Obligations

Present Value Method


Chapter 3 Review Questions

Chapter 4:    Natural Resources and Intangibles

Learning Objectives

Natural Resources

Intangible Assets

Software Hosting Arrangements


General Rules

Simplifying the Impairment Test

Private Company Accounting Alternative

Fair Value of Financial Assets

Fair Value Accounting


Leeway in Valuing Financial Assets

Other Assets

Chapter 4 Review Questions

Annual Report References

Walt Disney



CPE Accounting Course: https://www.cpethink.com/accounting-cpa-courses
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