Course Information

Course No:  143721

Course Name:  Balance Sheet - Reporting Assets

Field of Study:    Accounting

Course Description:  

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.

Learning objectives: After completing this section, you should 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.

Course Material: Online Material

Program level: Intermediate

Prerequisites: Basic Accounting

Advance preparation: None

Type of delivery method: QAS Self-study

Recommended CPE credits:   5.0

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