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Author: |
Jae K. Shim, Ph.D., CPA |
Course Length: |
Pages: 64 ||| Word Count: 29,280 ||| Review Questions: 27 ||| Final Exam Questions: 25 |
CPE Credits: |
5.0 |
IRS Credits: |
0 |
Price: |
$44.95 |
Passing Score: |
70% |
Course Type: |
Text |
Technical Designation: |
Technical |
Field Of Study: |
Accounting |
Approved Audience: |
NASBA QAS - NASBA Registry |
Key Takeaways: |
This course provides a foundational understanding of how liabilities are classified, recorded, and presented on the balance sheet under U.S. GAAP.
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Frequently Asked Questions: |
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Description: |
Liabilities represent an entity’s present obligations to transfer or provide economic benefits, facilitating daily operations, financing growth and investment, and establishing creditworthiness. Proper classification and recording of liabilities are crucial for accurately representing a company’s liquidity and solvency, as this practice informs stakeholders about its ability to manage daily operations and fulfill long-term financial commitments. This course provides a foundational understanding of liabilities to help you navigate common liability accounts under U.S. GAAP. It covers how these obligations are presented on the balance sheet and explains their crucial role in determining a company's financial health and stability, with specific examples to illustrate the application. |
Usage Rank: |
44000 |
Release: |
2026 |
Version: |
1.0 |
Prerequisites: |
Basic Accounting. |
Experience Level: |
Overview |
Additional Contents: |
Complete, no additional material needed. |
Additional Links: |
Internal: Balance Sheet Reporting Assets Course
Internal: Financial Statement Analysis Fundamentals Course
External: Understanding Balance Sheets: Assets, Liabilities, and Equity
External: Balance sheet
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Advance Preparation: |
None. |
Delivery Method: |
QAS Self Study |
Intended Participants: |
Anyone needing Continuing Professional Education (CPE). |
Revision Date: |
21-Apr-2026 |
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. |
Keywords: |
Balance Sheet: Reporting Liabilities - v16 - CPE course for CPAs |
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 and lessee accounting 6. Recognize key financial metrics used to evaluate a company's ability to meet its financial obligations |
Course Contents: |
Chapter 1: Accounting Theory and Financial Reporting Foundational Accounting Rules Accounting Assumptions Guiding Principles Accrual Accounting Financial Reporting Fundamentals Objective of Financial Reporting Components of Financial Statements Structure of the Balance Sheet Characteristics of Liabilities Present Obligation Obligation to Provide Economic Benefits Review Questions - Section 1 Chapter 2: Basic Accounting for Liabilities Current Liabilities vs. Long-Term Liabilities Current Liabilities Long-Term Liabilities Contingent Liabilities Environmental Liabilities Review Questions - Section 2 Accounts Payable vs. Accrued Expenses Accounts Payable Accrued Expenses Deferred Revenue vs. Accrued Revenue Deferred Revenue Accrued Revenue Review Questions - Section 3 Debt Classification Refinancing Arrangements Due on Demand Loan Agreements Subjective Acceleration Clause Callable Debt Debt Covenants Long-Term Debt Bonds Payable Deferred Tax Liability Review Questions - Section 4 Chapter 3: Special Topics Lease Obligations Lease Classification Lease Payments Lessee Accounting Presentation and Disclosure Troubled Debt Restructuring Imputation of Interest Exit or Disposal Activities Disclosure of Long-Term Debt Financial Analysis Review Questions - Section 5 Appendix Glossary |
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