Fundamentals of US GAAP Accounting

Explore how us gaap guides financial accounting, detailing assets, liabilities, revenue, and expenses, with fasb standard setting and recognition and measurement concepts, and fundamental qualitative characteristics.

Understand the balance sheet and income statement under us gaap, including assets, liabilities, equity, accrual basis, and formats such as single and multiple-step statements, discontinued operations.

Examine items in income statements, including discontinued operations and effects of disposal on ongoing results. Clarify changes in accounting estimates and principles, restatements, and basic and diluted earnings per share.

Explain significant accounting policies and the required disclosures, and detail segment reporting thresholds, reportable segments, and related reconciliations under US GAAP, including risk disclosures and going concern considerations.

Explore cash as the most liquid asset, restricted cash rules, and bank reconciliation adjustments, then classify and measure investments under fair value options, and analyze equity method vs cost method.

Learn how accounts receivable are classified and measured under us gaap, including allowance for doubtful accounts, net realizable value, bad debt expense, write-offs, and notes receivable discounting.

Learn inventory accounting essentials, including perpetual and periodic systems, cost of goods sold, moving average and weighted average methods, and lower of cost or market concepts.

Explore property, plant, and equipment as tangible assets used in productive capacity, detailing cost, capitalization of interest, depreciation methods, and impairment under us gaap.

Examines intangibles, including contractual rights to future economic benefits, trademarks, copyrights, and franchises; covers initial recognition, R&D expensing, impairment tests, finite life, and goodwill in business combinations.