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Course Details

Balance Sheet Reporting: Assets (Course Id 602)

QAS / Registry
Author : Jae K. Shim, Ph.D., CPA
Status : Production
CPE Credits : 6.0
IRS Credits : 0
Price : $59.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 602

Description :

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
Release : 2014
Version : 999
Prerequisites : None
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

Keywords :
Learning Objectives :

Chapter 1
Cash and Receivables

After completing this chapter, you should be able to:
    1. Properly account for and classify assets.
    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.

Chapter 2

After completing this chapter, you should be able to:
    1. State major classifications of inventory.
    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.

Chapter 3
Fixed Assets

After completing this chapter, you should be able to:
    1. Account for fixed assets.
    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.

Chapter 4
Natural Resources and Intangibles

After completing this chapter, you should be able to:
    1. Explain the accounting procedures for depletion of natural resources.
    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



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