Balance Sheet: Reporting Assets

This course discusses generally accepted accounting principles (GAAP) for reporting assets on the balance sheet.

An asset is an item of economic value that is expected to yield a benefit to the owing entity in future periods. Assets are classified as being either current or noncurrent.

Current assets, such as cash, accounts receivable, and prepaid expenses, are 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 includes a discussion of both current and noncurrent assets. For example, promulgated GAAP for current assets is provided in ASC 210-10-45-1 through 45-4, Balance Sheet: Overall. Receivables are covered in ASC 310 Receivables comprising nonrefundable fees, loans and debt securities, and troubled debt restructurings by creditors. Guidance on the accounting and reporting of inventory is provided in ASC 330 Inventory. ASC 360 Property, Plant, and Equipment provides guidance on accounting for long-lived tangible assets such as land and land improvements, buildings, and equipment.

Course level: Basic. Prerequisites: None. Course includes integrated text and study guide, final exam, and grading service.