A liability is a legal debt or obligation that arises during business operations. A current liability, such as accounts payable, is payable within one year. A noncurrent liability, such as bonds payable, long-term loan, and finance lease, is an obligation that is due in over a year. This course discusses generally accepted accounting principles (GAAP) for reporting both current and noncurrent liabilities on the balance sheet.
Learning Objectives:
1. Recognize basic principles of reporting liabilities on the balance sheet
2. Identify classification and characteristics of liabilities
3. Recognize the appropriate rules to account for contingencies
4. Identify accounting procedures for accounts payable and deferred revenues
5. Recognize rules for the troubled debt, environmental liabilities, and lessee accounting
6. Recognize the accounting procedures for bonds payable and notes with no stated rate of interest
To complete this course participants need to: Read the material provided and answer chapter review questions, successfully complete the qualified assessment with a minimum of 70% accuracy to receive your certificate.
Upon course completion A course evaluation form is provided for your feedback.
Participants have 1 year from the date of purchase/enrollment to complete this course
Our Refund policy can be found at: https://cpeprime.com/cancellation-and-refund/