1E1 - Personal Financial Stmt Flashcards
1
Q
How is life insurance valued?
A
Cash surrender value LESS loan amounts
2
Q
How are assets and liabilities measured?
A
Assets = current fair value. Liabilities = current amount
3
Q
How should a large business interest be presented?
A
As a single, NET amount at the estimated current value separate from other investments
4
Q
What statements are usually included in a set of personal financial statements?
A
Statement of financial condition and a statement of changes in net worth
