MGAB01H3 Chapter Notes - Chapter 2: Current Asset, Intangible Asset, Historical Cost

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MGAB01H3 Full Course Notes
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Called going-concern because business is expected to continue into foreseeable future. violation leads to assets and liabilities to be values on balance sheet as if liquidated. E. g. trade computer and cash for car, the cost of car = cash + market value of computer. Elements of the classified statement of financial position. Consolidated statement of financial position- includes classified elements of company combined with other companies under its control. e. g. haagen-dazs of nestle"s. Two amounts from two different years are shown so that investors can compare value of classified elements from year to year in order to analyze the changes to understand the change in financial position. (exhibit 2. 2) Exhibit 2. 2 explained: amounts rounded to the nearest million swiss francs. fiscal year ends on dec 31st. Typical assets of company: current assets (short-term) a. Assets divided into 2 subgroups: current and non-current.

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