Misc Flashcards
(2 cards)
1
Q
On a personal statement of financial condition, estimated income taxes equals the difference between ____ _____ and ____ _____ of assets and liabilities.
A
fair values; tax bases
2
Q
The present value of future cash flows is used to measure _______ receivables or payables, not inventory, because inventory is a _______ asset, which has more immediate cash flows.
A
long-term; short-term
