Balance Sheet: Reporting Liabilities ON DEMAND

Overview

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.

Highlights

Financial Reporting Standards. Current Liabilities. Noncurrent Liabilities. Interest on Noninterest Notes Payable. Presentation and Disclosure of Long-Term Debt.

Prerequisites

None.

Designed For

CPAs, CFOs, controllers, financial professionals, and auditors.

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.

Preparation

None.

Notice

None.