GAAP rules Flashcards
1
Q
When it comes to Lower of cost or market, which value do you choose to recognize it at?
A
Original Cost
2
Q
Intercompany Short Term Loans are recognized as?
A
Due From (A.R)- Loaner Due to (A.P) - Loanee
3
Q
Which Statement(s) are always included in personal financial statements?
A
The Balance Sheet- Statement of Finc. Condition
