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This course focuses on how companies manage and account for the primary current assets: accounts receivable, inventory and some investments. It also provides a broad discussion of the general ways in which assets are depicted on the financial statements.

Learning Objectives

  • Discover and describe how receivables appear on the balance sheet and explain how bad debts are accounted for.
  • Identify and list and describe the four basic issues involved in accounting for merchandise inventory.
  • Discover and differentiate raw materials, work in process and finished goods, and explain how costs are attached to the inventory account as products move through the manufacturing process and are eventually sold.
  • Identify and list and define the three primary inventory cost flow assumptions and how they affect both the balance sheet and the income statement.
  • Identify and list and describe the basic asset valuation approaches and explain how each approach affects the financial statements.
Last updated/reviewed: May 6, 2022

Included In Certifications

This course is included in the following Certification Programs:

9 CoursesFinancial Reporting and Analysis Certification

  1. Introduction to the Financial Statements and the Environment of Financial Reporting
  2. Preparing Financial Statements
  3. Reading and Analyzing Financial Statements
  4. Time Value of Money - Concepts and Applications
  5. Classification, Debt and Equity
  6. Current Assets and Asset Valuation
  7. Equity Investments and Long-lived Assets
  8. Earnings Management
  9. Ethics and Earnings Management

Prerequisites

Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  28:12Current Assets and Asset Valuation-Accounts Receivables and Bad Debts
  21:06An Overview of Inventory Accounting
  10:52Inventory Accounting: Manufacturers
  26:38Inventory Accounting: Cost Flow Assumptions
  17:32Asset Valuation Methods
CONTINUOUS PLAY
  1:44:20Current Assets and Asset Valuation
SUPPORTING MATERIAL
  PDFSlides: Current Assets and Asset Valuation
  PDFCurrent Assets and Asset Valuation Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM