Certified US GAAP Professional

How It Works

  1. 1. Select Certification & Register
  2. 2. Receive Online e-Learning Access (LMS)
  3. 3. Take exam online anywhere, anytime
  4. 4. Get certified & Increase Employability

Test Details

  • Duration: 60 minutes
  • No. of questions: 50
  • Maximum marks: 50, Passing marks: 25 (50%).
  • There is NO negative marking in this module.
  • Online exam.

Benefits of Certification

$49.00 /-
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The Generally Accepted Accounting Principles in the US (US GAAP) refer to the accounting rules used in United States to organize, present, and report financial statements for an assortment of entities which include privately held and publicly traded companies, non-profit organizations, and governments.

Why should one take Vskills US GAAP Certification?

This course is intended for professionals and graduates wanting to excel in their chosen areas. It is also well suited for those who are already working and would like to take certification for further career progression.

Earning Vskills US GAAP Professional Certification can help candidate differentiate in today's competitive job market, broaden their employment opportunities by displaying their advanced skills, and result in higher earning potential.

Who will benefit from taking Vskills US GAAP Certification?

Job seekers looking to find employment in corporates, MNC's, companies, and students generally wanting to improve their skill set and make their CV stronger and existing employees looking for a better role can prove their employers the value of their skills through this certification.

US GAAP Table of Contents


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US GAAP Interview Questions


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Financial Standards

  • What are Financial Standards
  • Why financial standards are needed
  • Objectives of Financial Reporting
  • Characteristics and Limitations of a Financial Report
  • IFRS
  • GAAP

ASC 105 - GAAP History and Hierarchy

  • ASC 105 Objective
  • US GAAP History
  • GAAP Hierarchy
  • US GAAP Sources
  • US GAAP Assumptions
  • Generally Accepted Accounting Principles
  • Conceptual Framework
  • US GAAP Glossary

ASC 205 - Presentation of Financial Statements

  • Terminology
  • Materiality
  • Liquidation Basis of Accounting
  • Qualifications and Reports of Accountants
  • General Instructions as to Financial Statements
  • Rules of General Application
  • Interim Financial Statements
  • Discontinued Operations
  • Strategic Shift

ASC 210 – Balance Sheet

  • Current Assets
  • Non-Current Assets
  • Current Liabilities
  • Non-current Liabilities
  • Stockholders’ Equity
  • Offsetting

ASC 225 - Income Statement

  • Income Statement in Brief
  • Methods for Constructing the Income Statement
  • Operating Revenues and Expenses
  • Non-operating Revenues and Expenses
  • GAAP and the Income Statement
  • Noncash Items
  • Statements of Comprehensive Income
  • Unusual or Infrequent Items
  • Schedule to File
  • Income from Continuing Operations

ASC 230 - Statement of Cash flow

  • Cash Flow Brief
  • Cash Flow Classification
  • Noncash Investing and Financing Activities
  • Reporting

ASC 323 - Investments - Equity Method and Joint Ventures

  • Revenue and Asset Changes under the Equity Method of Accounting
  • Equity Method and GAAP
  • Initial Recognition and Measurement
  • Recognizing Investee Activity
  • Investor-level Adjustments
  • Presentation and Disclosure
  • ASC 323 Equity Method and JV Brief

ASC 326 - Financial Instruments - Credit Losses

  • ASC 326 Introduction
  • Assets Measured at Amortized Cost
  • Measurement of Expected Losses
  • Subsequent Measurement of Expected Credit Losses
  • Available-for-Sale Debt Securities

ASC 330 - Inventory

  • Inventory Basics
  • Inventory Valuation
  • Absorption Costing
  • Retail Inventory Method
  • LIFO System
  • Lower of cost or market (LCM)
  • Inventory under US-GAAP in Brief

ASC 360 - Property, Plant and Equipment

  • PP&E Basics
  • PPE under GAAP
  • Cost Capitalization
  • Asset Acquisitions
  • Depreciation and Amortization
  • Asset Disposal
  • Disclosures
  • Property, Plant and Equipment Brief

ASC 405 - Liabilities

  • Extinguishment of Liabilities
  • Derecognition
  • Prepaid Stored-Value Products

ASC 605 - Revenue Recognition

  • Important Definitions
  • Revenue Recognition Basics
  • Identifying the Contract
  • Performance Obligations
  • Transaction Price
  • Recognizing Revenue
  • Percentage of Completion Method
  • Completed Contract Method (CCM)
  • Installment Method
  • Cost Recovery Method
  • Revenue Recognition Model
  • Long Term Construction Contracts
  • Services Revenue Recognition
  • Revenue Recognition Brief

ASC 810 - Consolidation

  • Non-Controlling Interest
  • Consolidation Models
  • The Variable Interest Entity (VIE)
  • The Voting Interest Model
  • Partnerships
  • Research and Development Arrangements
  • Joint Venture

ASC 842 - Leases

  • ASC 842 Key Concepts
  • ASC 842 Scope
  • Lease Classification
  • Lessee Accounting
  • Lessor Accounting
  • Sale-leaseback Accounting
  • Leveraged Lease Accounting
  • Subleases
  • Business Combinations and ASC 842
  • Related Party Leasing Transactions
  • Leases involving Variable Interest Entities

ASC 958 - Not-for-Profit Entities

  • Revenues
  • Expenses
  • Gains and Losses
  • Reclassifications

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