Balance Sheet: Reporting Assets - v15 (Course Id 2733)

• Who is this course for?
  This course is for anyone needing Continuing Professional Education (CPE), particularly CPAs and accountants with a basic understanding of accounting.

• What is this course about or what problem does this course solve?
  This course addresses the proper reporting, classification, and valuation of assets on the balance sheet under U.S. GAAP, helping professionals understand and apply the principles accurately.

• How can the knowledge from this course be used?
  Learners can use the knowledge from this course to correctly classify, value, and report various asset types, including cash, receivables, inventory, investments, property, equipment, and intangible assets in accordance with accounting standards.

• Why is this course important to a CPA or Accountant?
  A CPA or accountant needs this course to ensure financial statements accurately reflect an entity's asset position, which is essential for evaluating financial health and complying with accounting standards.

• When is this course relevant or timely?
  This course is relevant for the 2025 reporting year and is especially timely for professionals preparing financial statements or needing updated knowledge on asset reporting.

• How is a course like this consumed or used?
  This self-study course is consumed through a text-based format with 75 pages of content, review questions, and a final exam, and must be completed with a passing score of 70% within one year of purchase.

Assets often account for a major part of an entity's total value, representing economic resources it owns, such as cash, inventory, buildings, and equipment. These sources are used to generate revenue, balanced by liabilities and equity on the balance sheet. Assets are divided into current (convertible to cash within a year) and noncurrent assets (long-term) on the balance sheet to show how liquid the entity is. A clear and correct understanding of asset divisions, their representation, and proper valuation is essential to accurately portraying an entity's financial health. This course is designed to help you navigate common asset accounts using U.S. GAAP, with specific examples to illustrate the application.

NASBA QAS - Text - NASBA Registry - 2733

Course Learning Objectives

1. Recognize basic principles of reporting assets on the balance sheet
2. Identify accounting procedures for cash and accounts receivable
3. Identify the reporting requirements of debt securities
4. Recognize how to account for and report tangible and intangible assets

Equity Securities

Overview

Measurement

Impairment

Chapter 3 Review Questions

Chapter 4:    Property, Plant, and Equipment

Initial and Subsequent Measurement

Acquisition Cost

Subsequent Expenditures

Depreciation

Key Components

Depreciation Methods

Units of Production

Long-lived Asset Impairment

Interest Capitalization

General Rules

Capitalization Period

Amount to Be Capitalized

Other Considerations

Change in Estimates

Natural Resources

Chapter 4 Review Questions

Chapter 5:    Intangible Assets

Goodwill

Overview

General Goodwill Model

Goodwill Accounting Alternative

General Intangibles

Overview

Determination of Useful Life

Amortization

Impairment Loss Measurement

Internal-Use Software

Overview

Capitalizable Costs

Amortization and Impairment of Capitalized Cost

Crypto Assets

Chapter 5 Review Questions

Glossary