2. Measurement Bases of Assets and Liabilities
e. describe different types of assets and liabilities and the measurement bases of each;
What are the five major items found in the current assets section of the balance sheet?
2. Marketable securities
3. Accounts receivable
5. Pre-paid expenses
When is goodwill included on a balance sheet?
Goodwill is recorded in the accounts only if it is purchased by acquiring another business at a price higher than the fair market value of its net identifiable assets.