- NY Credits : 5.0
- TX Credits : 5.0
Balance Sheet and GAAP Reporting
This course provides the learner with useful and informative guidance for navigating through complex authoritative pronouncements in order to present a variety of transactions affecting the balance sheet. Presented in question and answer format, the information provides examples and illustrations to different scenarios which may arise in a normal or unusual set of circumstances of an entity. From assets to liabilities to stockholders' equity, the preparer of the balance sheet will benefit from the guidance and recommendations offered in interpreting the FASB Accounting Standards Codification and related FASB nonauthoritative pronouncements.
Upon successful completion of Balance Sheet and GAAP Reporting, the user should be able to:
identify the proper method, in accordance with GAAP, to present on the balance sheet transactions related to fixed assets;
recall GAAP as it relates to recording transactions related to cash and investments;
determine the most appropriate way to report noncash assets on the balance sheet; and
recognize liabilities and stockholders' equity on the balance sheet based on GAAP authoritative pronouncements.