Balance Sheet - Reporting Liabilities

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

• a:2:{i:0;s:73:"Recognize basic principles of reporting liabilities on the balance sheet.";i:1;s:59:"Identify classification and characteristics of liabilities.";}
• a:2:{i:0;s:61:"Recognize the appropriate rules to account for contingencies.";i:1;s:74:"Identify accounting procedures for accounts payable and deferred revenues.";}
• a:2:{i:0;s:88:"Recognize rules for the troubled debt, environmental liabilities, and lessee accounting.";i:1;s:96:"Recognize the accounting procedures for bonds payable and notes with no stated rate of interest.";}

Final examination expiration date:

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