1.What is a current asset? What is a non-current asset? What is the differencebetween the two types of assets? In which financial statement would you find theseassets?
2.What is an example of a significant accounting estimate? What is the importanceof these estimates? How do ethics play into the decision-making process? Whichfinancial statements include significant accounting estimates? Why?
3.What are internal controls? Why do companies need them? What are someexamples 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?