This course discusses generally accepted accounting principles (GAAP) for reporting assets on the balance sheet. It includes a discussion of accounts and loans receivable, inventory, prepaid expenses, fixed assets, capitalized interest, exchange of assets, impairment of assets, involuntary conversion, intangibles, and transfer of financial assets. Promulgated GAAP for current assets is provided in ASC 210-10-45-1 through 45-3, Balance Sheet: Overall. Current assets have a life of one year or the normal operating cycle of the business, whichever is greater. The accounting policies and any restrictions on current assets must be disclosed.

Objectives:
Chapter 1: Cash and Receivables
Chapter 2: Inventory
Chapter 3: Fixed Assets
Chapter 4: Natural Resources and Intangibles
Annual Report Reference

Topics Covered:

• Cash
• Income Recognition
• Financing Product Arrangements
• Freight Terms
• Writing up Fixed Assets
• Evaluating Loan Collectability
• Disclosure Requirements
• Purchase Contract Commitments
• Standard Costing
• Asset Retirement Obligations

Delivery Method: Online Self Study

Level: Basic

Prerequisites: Basic Accounting

Category: Accounting and Auditing

Passing Score: 70%

NASBA: Yes QAS Self Study

Author: Delta Publishing

ABOUT THE SUBJECT MATTER EXPERT:
Dr. Jae K. Shim is Professor of Business at California State University, Long Beach,
California. Dr. Shim received his MBA and Ph.D. degrees from the University of California at Berkeley (Haas School of Business.) He has co-authored over 50 professional business books and has been a consultant to commercial and nonprofit organizations for over 30 years.