Balance Sheet Reporting: Liabilities

Course 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.

Learning Objectives:

Upon successful completion of this course, participants will be able to:

·         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