The balance sheet reveals the financial position of a business, and so should be properly prepared in order to maximize the amount of information conveyed to users. This course assists the accountant by noting the various presentation formats that can be used, as well as the content and description of each line item within the statement. It also discusses sample balance sheets from several publicly-held companies, in order to show the range of presentation possibilities.
Upon successful completion of this course, participants will be able to:
- Identify which assets are usually classified as current or long-term on the balance sheet.
- Note which liabilities are usually classified a current or long-term on the balance sheet.
- Recognize the steps required to manually construct a balance sheet.
- Note the types of assets that can be classified into each of the major asset categories.
- Recognize the different types of liabilities that may appear on the balance sheet.
- Cite the decision points related to how a loan should be classified if the lender can call the loan.
- Describe the proper presentation of each equity line item on the balance sheet.
- Describe the structure of the statement of retained earnings.
- Note the instances in which different balance sheet ratios may apply to a business.
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