- NY Credits : 10.0
- TX Credits : 10.0
GAAP Guide - The Balance Sheet Updated
This course begins by giving users a refresher course in the basics of financial accounting and reporting. It includes a review of accounting principles, and the purposes and formats of the major financial statements. 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 both leases and pension plans.
This basic level course is most beneficial to professionals new to this topic who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to this topic.
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,
recognize the accounting requirements for the various ways of acquiring fixed assets, cost recovery, impairment, and disposal,
identify different types of bonds,
identify the various types of current and long-term liabilities,
determine the differences between the two main types of pension plans,
identify the different types of leases and the recording for both sides in a lease, and
recognize accounting requirements for the different types of stock, dividends, and equity reclassification.