Section 24 - Personal Financial Statements

Question 1

For Personal Financial Statements, what value are assets reported at?

Answer 1

Estimated current value (non-GAAP)

Question 2

For Personal Financial Statements, how are current income taxes reported?

Answer 2

Presented between liabilities and net worth

Question 3

For Personal Financial Statements, what are the two required financial statements?

Answer 3

1) Statement of financial condition (B/S)
- Assets
- Liabilities
- Net worth

2) Statement of changes in net worth (I/S and R.E)

Question 4

Once liquidation basis of accounting is adopted, how are assets and liabilities be reported?

Answer 4

Assets - estimated current amount

Liabilities - estimated current amount

Question 5

For the liquidation basis of accounting, what are the two required financial statements?

Answer 5

1) Statement of net assets in liquidation

2) State of changes in net assets in liqudation