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Tags
#cfa-level-1 #financial-reporting-and-analysis #reading-26-understanding-balance-sheets
Question

The five major items found in the current assets section are:

  • Cash.
  • [...]
  • Accounts receivables.
  • [...] .
  • [...]

Answer
Marketable securities.

Inventories

Pre-paid expenses.

Tags
#cfa-level-1 #financial-reporting-and-analysis #reading-26-understanding-balance-sheets
Question

The five major items found in the current assets section are:

  • Cash.
  • [...]
  • Accounts receivables.
  • [...] .
  • [...]

Answer
?

Tags
#cfa-level-1 #financial-reporting-and-analysis #reading-26-understanding-balance-sheets
Question

The five major items found in the current assets section are:

  • Cash.
  • [...]
  • Accounts receivables.
  • [...] .
  • [...]

Answer
Marketable securities.

Inventories

Pre-paid expenses.
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Subject 2. Measurement Bases of Assets and Liabilities
in light of accounting policies applied in order to answer the question of how the values relate to economic reality and to each other. Current Assets Current assets are presented in the balance sheet in order of liquidity. <span>The five major items found in the current assets section are: Cash. Valued at its stated value. Cash restricted for purpose other than payment of current obligations or for use in current operations should be excluded from the current asset section. Marketable securities. Valued at cost or lower of cost and market value. Accounts receivables. Amounts owed to the company by its customers for goods and services delivered. Valued at the estimated amount collectible. Inventories. Products that will be sold in the normal course of business. They should be measured at the lower of cost or net realizable value. Refer to Reading 28 [Inventories] for details. Pre-paid expenses. These are expenditures already made for benefits (usually services) to be received within one year or the operating cycle, whichever is longer. Typical examples are pre-paid rent, advertising, taxes, insurance policies, and office or operating supplies. They are reported at the amount of un-expired or unconsumed cost. Current Liabilities Current liabilities are typically paid from current assets or by incurring new short-term liabilities. They are not reported in any consist

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