Personal Financial Statements Flashcards
1
Q
How should a future vested interest in a pension plan that is Nonforfeitable valued?
A
Discounted Cash Flows
2
Q
How should an investment in separate entity as a going concern be reported on the F/S?
A
As a single amount. Assets and liabilities are netted.
3
Q
How should investments in limited business activity that are not conducted in separate business entity be reported?
A
As Separate Amounts. Assets and Liabilities are both listed
4
Q
What must a commitment have?
A
Fixed or Determinable amount
Not contingent on life expediencies or particular events
Does not require future performance of others
