Personal FS

Question 1

What are the two statements used under Personal FS

Answer 1

1. Statement of Financial Condition (required)

2. Statement of Net Worth (not required but usually provided)

Question 2

What are the PFS based on

Answer 2

Accrual accounting using Current value (fair value)

Question 3

Look at basis for Current amounts Pg 168-169

Answer 3

.

Question 4

Recognized as assets and liability only if:

Answer 4

1. Fixed or Determinable in amount
2. Not contingent on life expectancy or occurrence of specific event
3. Do not require future performances by holder/other