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| Author : | Jae K. Shim, Ph.D., CPA |
| Course Length : | Pages: 57 ||| Review Questions: 32 ||| Final Exam Questions: 25 |
| 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 : |
Liability Definition
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| 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:
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 |
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