Balance Sheet/Statement of Financial Position Flashcards
1
Q
What do classified balance sheets do?
A
-Distinguish current vs. non-current assets and liabilities
2
Q
Only what types of assets are reported on the balance sheet?
A
-Those acquired via transaction
3
Q
How is internally generated goodwill treated?
A
-Expensed
4
Q
How can you calculate goodwill?
A
-By subtracting net assets from Market Cap
5
Q
What are adjusting journal entries?
A
-Journal entries recording changes in resources and obligations not signaled by a new event or transaction
6
Q
What are special journals used for?
A
-High volume similar transactions
