1) What are some situations and examples in which estimates affect amounts reported in the balance sheet....Please discuss

2) According to GAAP, what is the balance sheet valuation of each of the following assets?

a. Trade accounts receivable

b. Land

c. Inventories

d. Trading securities

Prepaid expenses

3) How can the skills, loyalty of workers ,customer base and reputation of the company be reliably measured or how will you approach measuring these items.... please explain

4)A balance sheet provides information about a "company's financial flexibility, liquidity and solvency" As accounting students , You know that solvency pertains to the ability of a company to pay its debts as they come due. Liquidity on the other hand pertains to the amount of time it takes for an asset to be converted into cash.

FOR YOU AND THE CLASS: What is the meaning of financial flexibility and how important is it to a company?