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Balance Sheet: Reporting Liabilities - v11 (Course Id 1952)

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Author : Jae K. Shim, Ph.D., CPA
Status : Production
CPE Credits : 5.0
IRS Credits : 0
Price : $44.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1952

Description :

A liability is a legal debt or obligation that arises during business operations. A current liability, such as accounts payable, is payable within one year. A noncurrent liability, such as bonds payable, long-term loan, and finance lease, is an obligation that is due in over a year. This course discusses generally accepted accounting principles (GAAP) for reporting both current and noncurrent liabilities on the balance sheet. 

Usage Rank : 0
Release : 2021
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-Feb-2022
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 - 1952

Keywords : Accounting, Balance, Sheet, Reporting, Liabilities, v11, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After completing this course, you should be able to:
    1. Recognize basic principles of reporting liabilities on the balance sheet
    2. Identify classification and characteristics of liabilities
    3. Recognize the appropriate rules to account for contingencies
    4. Identify accounting procedures for accounts payable and deferred revenues
    5. Recognize rules for the troubled debt, environmental liabilities, and lessee accounting
    6. Recognize the accounting procedures for bonds payable and notes with no stated rate of interest
Course Contents :

Chapter 1 - Balance Sheet: Reporting Liabilities

Part 1:    Financial Reporting Standards

Objectives of Financial Reporting

Characteristics of Liabilities

Present Obligation

Obligation to Provide Economic Benefits

Recognition and Measurement

Current Liabilities

Noncurrent Liabilities

Loss Contingencies

Review Questions - Section 1

Fair Value Accounting

General Rules

Scope

The Fair Value Hierarchy

Disclosure Requirements

Fair Value Option

Scope

Election Dates

Presentation and Disclosures

Other Matters

Risks and Uncertainties

Exit or Disposal Activities

IFRS Connection

Review Questions -  Section 2

Part 2:    Current Liabilities

Accounts Payable

Deferred Revenues

Step 1: Identify the Contract with a Customer

Step 2: Identify the Performance Obligations

Step 3: Determine the Transaction Price

Step 4: Allocate the Transaction Price to the Performance Obligations

Step 5: Recognize Revenues

Accrued Expenses

General Rules

Compensated Absences

Other Matters

Callable Obligations

Troubled Debt Restructuring

Termination Benefits (Early Retirement)

Environmental Liabilities

Review Questions -  Section 3

Part 3:    Noncurrent Liabilities

Bond Accounting

General Rules

Convertible Debt

General Rules

Inducement Offer to Convert Debt to Equity

Early Extinguishment of Debt

Short-Term Obligations Refinanced

Review Questions -  Section 4

Deferred Tax Liability

Lease Obligations

General Rules

Disclosure Requirements

Other Matters

Interest on Noninterest Notes Payable

Presentation and Disclosure of Long-Term Debt

Review Questions - Section 5

Appendix

Glossary

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