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: August 21, 2023

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
2 Reviews (9 ratings)

Reviews

5
Member's Profile
very good clear objectives, good tips and advice, I enjoyed the course very much and will use it in a practical way

3
Anonymous Author
Tough course. Really makes you think about some of the questions in the quiz. I enjoyed the challenge

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 .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Current Assets and Asset Valuation-Accounts Receivables and Bad Debts28:12
  An Overview of Inventory Accounting21:06
  Inventory Accounting: Manufacturers10:52
  Inventory Accounting: Cost Flow Assumptions26:38
  Asset Valuation Methods17:32
CONTINUOUS PLAY
  Current Assets and Asset Valuation1:44:20
SUPPORTING MATERIAL
  Slides: Current Assets and Asset ValuationPDF
  Current Assets and Asset Valuation Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam