Balance Sheet: Reporting Assets ON DEMAND

Overview

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.

Highlights

Objectives of Financial Reporting. Cash and Cash Equivalents. Trading Securities. Long Term Investments. Property, Plant, and Equipment.

Prerequisites

None.

Designed For

CPAs.

Objectives

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.

Preparation

None.

Notice

None.