GAAP Guide - The Balance Sheet  

Upon successful completion of this course, the user should be able to:

• recognize the formats and elements of balance sheets and income statements,

• determine the valuation of accounts receivable and methods of recognizing uncollectible receivables,

• identify the different methods for measuring inventories,

• recognize the accounting requirements for the various ways of acquiring fixed assets, cost recovery, impairment, and disposal,

• identify different types of bonds,

• identify the various types of current and long-term liabilities,

• determine the differences between the two main types of pension plans,

• identify the different types of leases and the recording for both sides in a lease, and

• recognize accounting requirements for the different types of stock, dividends, and equity reclassification.