1. Explain the format of the retained earnings portion of the statement of owners’ equity.
2. What is meant by the term financial position, and what is the purpose of the statement of financial position?
3. How is financial position related to profit potential?
1. What is a current asset? Why is it important to separate current assets from long-term assets on the balance sheet?
2. Explain the four types of long-term assets.
3. What is a current liability? Why is it important to separate current liabilities from long-term liabilities?
1. Explain why a long-term note is classified as current if the fiscal year ends during the last year of the note’s life.
2. In what order are current assets listed on the balance sheet? Why is this order important?
3. What does the term valued mean as it relates to the asset accounts shown on the balance sheet?
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