Balance Sheet - Reporting Assets - 2017 (Text Based)

This course discusses generally accepted accounting principles (GAAP) for reporting assets on the balance sheet. An asset is an item of economic value that is expected to yield a benefit to the owing entity in future periods. Assets are classified as being either current or noncurrent assets. 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 includes a discussion of both current and noncurrent assets. For example, promulgated GAAP for current assets is provided in ASC 210-10-45-1 through 45-4, Balance Sheet: Overall. Receivables are covered in ASC 310 Receivables comprising nonrefundable fees, loans and debt securities, and troubled debt restructurings by creditors.  Guidance on the accounting and reporting of inventory is provided in ASC 330 Inventory.  ASC 360 Property, Plant, and Equipment provides guidance on accounting for long-lived tangle assets such as land and land improvements, buildings, and equipment.

1. Recognize how to properly account for and classify assets.
2. Indicate how cash and related items are reported.
3. Recognize receivables and how to correctly factor and assign them.
4. Identify correct disclosure requirements for receivables.
5. Recognize how to account for inventories including different costs, consigned goods, financing product arrangements and lower of cost or market.
6. Recognize how to compute inventory balances using the LIFO method.
7. Identify proper disclosure requirements for inventory.
8. Recognize how to account for different fixed asset costs.
9. Identify accounting procedures for fixed assets such as conversions, depletion and exchange/disposal of assets.
10. Recognize disclosure requirements for fixed assets.

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