Description:
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.

Delivery Method: Online Interactive Self Study

Level: Intermediate

Prerequisites: None

Advanced Preparation: None

Policies: Click here

Author: Delta Publishing

Category: Accounting and Auditing

Field of Study: Accounting

Passing Score: 70%

Publication Date: 06/14/2021

Technical Details: Accounting: Technical

For More Detail: Click here

If you are unable to view PDF then right click the mouse and click save link as

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.

For More Objectives: Click here

If you are unable to view PDF then right click the mouse and click save link as

NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.

Profession Identifiers : CPA