ch05student

ch05student - Inventories 5 6 7 (try this) 8 (try this) 9...

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1 Chapter 5 Student Handout Most assets and liabilities are reported at historical cost. Use of judgments and estimates. Many items of financial value are omitted. Limitations of the Balance Sheet
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3 Claims held against customers and others for money, goods, or services. Accounts receivable – oral promises Notes receivable – written promises Major categories of receivables should be shown in the balance sheet or the related notes. Receivables
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4 Company discloses: basis of valuation (e.g., lower-of-cost-or- market) and the method of pricing (e.g., FIFO or LIFO).
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Unformatted text preview: Inventories 5 6 7 (try this) 8 (try this) 9 10 11 To provide relevant information about the cash receipts and cash payments of an enterprise during a period. The statement provides answers to the following questions: 1. Where did the cash come from? 2. What was the cash used for? 3. What was the change in the cash balance? Purpose of the Statement 12 Information obtained from several sources: (1) comparative balance sheets, (2) the current income statement, and (3) selected transaction data. Preparation 13 14 15...
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ch05student - Inventories 5 6 7 (try this) 8 (try this) 9...

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