Balance Sheet: Reporting Liabilities
Field of Study:
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.
After completing this course you will be able to:
- Recognize basic principles of reporting liabilities on the balance sheet.
- Identify classification and characteristics of liabilities.
- Recognize the appropriate rules to account for contingencies.
- Identify accounting procedures for accounts payable and deferred revenues.
- Recognize rules for the troubled debt, environmental liabilities, and lessee accounting.
- Recognize the accounting procedures for bonds payable and notes with no stated rate of interest.
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