Published on October 20, 2015
1. What is a current asset? What is a non-current asset? What is the difference between the two types of assets? In which financial statement would you find these assets? 2. What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why? 3. What are internal controls? Why do companies need them? What are some examples of internal controls? Who is responsible for developing internal controls? What are some limitations of internal controls? 4. What are intangible assets? How does a business obtain intangible assets? What is goodwill? Why would a business have an account for goodwill?