Course Information

Course No:  143821

Course Name:  Balance Sheet - Reporting Liabilities

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: After completing this section, you should 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.

Course Material: Online Material

Program level: Basic

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.