Balance Sheet: Reporting Assets
Field of Study:
An asset is an item of economic value expected to yield a benefit to the owing entity in future periods. To provide information about liquidity, assets are divided into current and noncurrent assets on the balance sheet. 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 discusses generally accepted accounting principles (GAAP) for reporting both current and noncurrent assets on the balance sheet. The course is designed to help you navigate common asset accounts with specific examples to illustrate the application.
After completing this course you will be able to:
- Recognize basic principles of reporting assets on the balance sheet.
- Identify accounting procedures for cash and accounts receivable.
- Recognize how to how to compute inventory balances.
- Identify the reporting requirements of debt securities.
- Recognize how to account for and report tangible assets.
- Identify accounting procedures for amortizing intangible assets.
Type of delivery method:
Recommended CPE credits:
Final examination expiration date:
The program participant will have one year from the date of purchase to complete the course and final examination.
Web CPE is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org