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Course No: 143821

Balance Sheet - Reporting Liabilities

$45

  • Credits: 5.0
  • Program level: Basic
  • Prerequisites: Basic Accounting

Field of Study: Accounting

Course 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.

Learning objectives

  • 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.

Advance preparation: none

Course Material: Online Material

Type of delivery method: QAS Self-study

Final examination expiration date:

The program participant will have one year from the date of purchase to complete the course and final examination.

We are Register with

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.

Web CPE is registered with the IRS to provide Continuing Education (CE) programs to the Enrolled Agents and other tax return practitioners.

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