- NY Credits : 12.0
- TX Credits : 12.0
GAAP Guide - The Balance Sheet
This course begins by giving users a refresher course in the basics of financial accounting and reporting. Along with a review of accounting principles, chapter one outlines the purposes and formats of the major financial statements: the balance sheet, income statement, and statement of cash flows. Additionally, this chapter reviews the FASB Accounting Standards Codification (ASC) and some of the Statements of Financial Accounting Concepts. The program proceeds to go down and through the balance sheet and devote separate chapters to each of the major balance sheet account classifications. For example, on the asset side, inventory is covered in chapter three, and, on the liabilities side, bonds are extensively discussed in chapter six. Separate chapters have been reserved for each of two complex topics: leases and pension plans. In all the chapters, the user will find very helpful exhibits and sample problems, with detailed answers, to assist her/him in understanding the material.
Upon successful completion of this course, the user should be able to:
recognize the formats and elements of balance sheets and income statements,
determine the valuation of accounts receivable and methods of recognizing uncollectible receivables,
identify the different methods for measuring inventories and inventory estimation methods,
recognize the accounting requirements for the various ways of acquiring fixed assets, cost recovery, impairment, and disposal.
identify different types of bonds and how to record their acquisition,
identify the various types of current and long-term liabilities, along with their reporting and disclosure,
determine the differences between the two main types of pension plans: defined benefit and defined contribution pension plans,
identify the different types of leases and the recording requirements for both sides in a lease, and
recognize accounting requirements for the different types of stock, dividends, and equity reclassification.