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.
Course Publication Date:
May 04, 2022
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
$50.00!
| Author: | Delta CPE |
| Course No: | ACT-LIABILITI-40031B |
| Recommended CPE: | 5.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
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Learning Objectives
- Recognize basic principles of reporting liabilities on the balance sheet.
- Identify classification and characteristics of liabilities.
- Recognize the appropriate rules to account for contingencies.
- Identify accounting procedures for accounts payable and deferred revenues.
- Recognize rules for the troubled debt, environmental liabilities, and lessee accounting.
- Recognize the accounting procedures for bonds payable and notes with no stated rate of interest.