● Describe the key measurement issues addressed by the financial statements and explain how the current classification is used.
● Define the concept of a contingent liability and explain how contingencies are accounted for.
● Define what a bond is and explain how bond issuances are accounted for using the effective interest method.
● Explain how the effective interest method is used to account for bond investments and describe how management’s intention determines how changes in bond market values are accounted for.
● Describe the difference between short-term and long-term (financing and operating) leases and how both kinds of leases are reflected on the financial statements of the lessee.
● Summarize the shareholders’ equity section of the balance sheet and describe the transactions leading to each line item within that section

Course Number:
JP05
NASBA Field of Study:
Accounting
Level:                   
Basic
Author/Instructor:
Jamie Pratt
CPE Credits:
4
Prerequisites:
None
Advanced Preparation: 
None