|Author :||Jae K. Shim, Ph.D., CPA|
|CPE Credits :||4.5|
|IRS Credits :||0|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Accounting - Accounting and Auditing for Course Id 880
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|
|Prerequisites :||Basic Accounting.|
|Experience Level :||Overview|
|Additional Contents :||Complete, no additional material needed.|
|Additional Links :|
|Advance Preparation :||None.|
|Delivery Method :||Self-Study.|
|Intended Participants :||Anyone needing Continuing Professional Education (CPE).|
|Revision Date :||14-Jan-2017|
|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 - 880
|Keywords :||Accounting, Balance, Sheet, Reporting, Assets, 2016, cpe, cpa, online course|
|Learning Objectives :||
• Indicate how cash and related items are reported.
• Recognize receivables and how to correctly factor and assign them.
• Identify correct disclosure requirements for receivables.
• Recognize how to compute inventory balances using the LIFO method.
• Identify proper disclosure requirements for inventory.
• Identify accounting procedures for fixed assets such as conversions, depletion and exchange/disposal of assets.
• Recognize disclosure requirements for fixed assets.
• Identify the procedures for amortizing intangible assets.
• Recognize the disclosure requirements for intangibles.
|Course Contents :||
Chapter 1: Cash and Receivables
Impairment of Loans
Determining the Value of an Impaired Loan
Evaluating Loan Collectibility
Lending to or Financing the Activities of Others
Chapter 1 Review Questions
Chapter 2: Inventory
Purchase Contract Commitments
Financing Product Arrangements
Financing Product Arrangements—Other Considerations
Lower of Cost-or-Market Value (LCM)
Retail Lower-of-Average-Cost-or-Market-Value (Conventional Retail) Method
Base Stock Method
Costs Excluded from Inventory
Relative Sales Value Method
Research and Development
Fair Value Option for Long-Term Notes Receivable
Chapter 2 Review Questions
Chapter 3: Fixed 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
When Does a Transaction Have Commercial Substance?
Commercial Substance Exists
Commercial Substance Does Not Exist
Accounting for Barter Transactions Involving Barter Credits
Asset Retirement Obligations
Present Value Method
Chapter 3 Review Questions
Chapter 4: Natural Resources and Intangibles
Software Hosting Arrangements
Private Company Accounting Alternative
Fair Value of Financial Assets
Fair Value Accounting
Leeway in Valuing Financial Assets
Chapter 4 Review Questions
Appendix - Annual Report References