There are no prerequisites.

Course Description

This course discusses generally accepted accounting principles (GAAP) for assets. It includes a discussion of accounts and loans receivable, inventory, prepaid expenses, fixed assets, capitalized interest, exchange of assets, impairment of assets, involuntary conversion, intangibles, and transfer of financial assets. You'll learn to properly account for and classify different types of assets, classify inventory, and much more. This course also includes a chapter covering natural resources and intangibles.


Delta Publishing

For many years, Delta Publishing has offered a wide variety of continuing education courses for financial professionals. Topics covered by Delta’s courses include accounting, financial management, budgeting, investments, financial statement reporting, business management, IFRS, ethics, valuations, real estate, and business writing. The diversity and breadth of Delta’s course offerings make the company a prolific and unique contributor to the CPE world. Delta’s well-credentialed authors and contributors have also been published in numerous academic and professional journals and quoted by some of the leading financial media outlets.

Course Specifics

Jan 9, 2018
There are no prerequisites.

Compliance Information

Qualifies for CA Fraud: No

Learning Objectives

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

Chapter 1

  • Identify how to properly account for and classify assets and receivables
  • Differentiate between factoring, pledging, and assignment of receivables
  • Cite accounting issues related to disposition of accounts and notes receivable

Chapter 2

  • State major classifications of inventory and differentiate between inventory methods
  • List inventories, including reporting of inventories, purchase contract commitments, consigned goods, financing product arrangements, and lower-of-cost-or-market
  • Cite important aspects of the dollar-value LIFO method and disclosure requirements

Chapter 3

  • Identify how to account for fixed assets
  • Cite the treatment of self-constructed assets and exchange/disposal of assets
  • Identify how to account for the depreciation and impairment of long-lived assets and the accounting treatment of nonmonetary exchanges

Chapter 4

  • Identify how to account for the depletion of natural resources, intangible assets, goodwill, research and development costs, and other similar costs according to ASC 350
  • Cite the procedures for amortizing intangible assets and the presentation of intangible assets and related items

Table of Contents

Chapter 1 – Cash and Receivables

Learning Objectives



Accounts Receivable

Notes Receivable

Loans Receivable

Impairment of Loans

Determining the Value of an Impaired Loan

Evaluating Loan Collectibility

Income Recognition

Disclosure Requirements

Lending to or Financing the Activities of Others

Chapter 1 Review Questions

Chapter 2 – Inventory

Learning Objectives

Purchase Contract Commitments

Freight Terms

Consigned Goods

Financing Product Arrangements

Financing Product Arrangements—Other Considerations

Lower of Cost-or-Market Value (LCM)

Retail Method

Retail Lower-of-Average-Cost-or-Market-Value (Conventional Retail) Method

Retail LIFO

Dollar-Value LIFO

Base Stock Method

Costs Excluded from Inventory

Standard Costing

Relative Sales Value Method

Stripping Costs

Research and Development

Terminated Contracts

Discontinued Operations



Prepaid Expenses

Long-Term Investments

Fair Value Option for Long-Term Notes Receivable

Chapter 2 Review Questions

Chapter 3 – Fixed Assets

Learning Objectives


Self-Constructed Assets

Donation of Fixed Assets

Writing Up Fixed Assets

Land and Land Improvements




Accounting for the Impairment of Long-Lived Assets and Related Considerations

Long-Term Assets to Be Retained and Used

Long-Lived Assets to be Disposed of Other Than by Sale

Capitalized Interest

Nonmonetary Transactions

When Does a Transaction Have Commercial Substance?

Commercial Substance Exists

Commercial Substance Does Not Exist

Accounting for Barter Transactions Involving Barter Credits

Involuntary Conversion

Asset Retirement Obligations

Present Value Method



Chapter 3 Review Questions

Chapter 4 – Natural Resources and Intangibles

Learning Objectives

Natural Resources

Intangible Assets

Software Hosting Arrangements


Private Company Accounting Alternative

Fair Value of Financial Assets

Fair Value Accounting

Leeway in Valuing Financial Assets

Other Assets

Chapter 4 Review Questions

Review Question Answers and Rationales

Chapter 1

Chapter 2

Chapter 3

Chapter 4

Annual Report References

Walt Disney


Marathon Oil



Qualified Assessment

Answer Sheet

Course Evaluation


Choose Your Preferred Format

Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy

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