1. Why is the GAAP concept of objective measurement paramount in understanding asset valuation?

2. Describe mark-to-market asset valuation.

3. Distinguish between net realizable value and replacement cost.

4. What are the advantages and disadvantages to measuring asset values based on expected future profits?

5. How does a health care provider indicate the obligation to provide care under a managed care contract that has been paid in advance?

6. In a publicly traded organization, why might a company have a market value that differs from the owner's equity on the balance sheet?