Reporting Use of Firm Resources and Taxation

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Overview

This course begins with an insight on how to measure the cost of long-lived assets and distinguish between expenses and capitalized items. We’ll learn how to compute depreciation under various depreciation methods and explain the effect of depreciation on cash flow. We’ll also learn how to compute gains and losses on disposal of fixed assets as well as account for the impairment of tangible assets.

Next, we’ll look at the concept of deferred taxes and learn how to distinguish between a deferred tax asset and liability. This course also teaches you on how to compute the value of a deferred tax liability and explains when and why a deferred tax liability would be considered an equity item.

We’ll wrap up this course with a look at current, long-term and contingent liabilities and learn how to account for a bond issue over its entire life.

This course is part 3 of the New York Institute of Finance’s Financial Accounting Professional Certificate.

Syllabus

  • Mod 01: Long-Lived Assets and Depreciation

  • Mod 02: Taxes and Depreciation

  • Mod 03: Deferred Taxes

  • Mod 04: Liabilities and Interest

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