Balance Sheet: Reporting Assets
An asset is an item of economic value expected to yield a benefit to the owing entity in future periods. To provide information about liquidity, assets are divided into current and noncurrent assets on the balance sheet. 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 discusses generally accepted accounting principles (GAAP) for reporting both current and noncurrent assets on the balance sheet. The course is designed to help you navigate common asset accounts with specific examples to illustrate the application.

Course Publication Date: July 19, 2021

This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $45.00!

Author:Delta CPE
Course No:ACT-ASSETS-40111
Recommended CPE:5.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Accounting
  
Learning Objectives
  • Recognize basic principles of reporting assets on the balance sheet.
  • Identify accounting procedures for cash and accounts receivable.
  • Recognize how to how to compute inventory balances.
  • Identify the reporting requirements of debt securities.
  • Recognize how to account for and report tangible assets.
  • Identify accounting procedures for amortizing intangible assets.

CPE Depot Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Sponsor Number: 109423

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