Create your personal balance sheet and answer the following questions:

1. Was there anything surprising you learnt after calculating your personal balance sheet?
2. how do you forecast your personal balance sheet to change in the next year? 5 years?
3. If you look at some of your larger assets such as a place of residence, how is your recording at their estimate value different than what accountants would do under the historical cost principle? What are some of the positives and negatives of the historical cost principle approach?