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Financial Statements

?

Personal financial statements should report assets and
liabilities at

Estimated current values at the date of the financial
statements and, as additional information, at historical
cost.Estimated current values at the date of the financial
statements.Historical cost and, as additional information, at
estimated current values at the date of the financial
statements.Historical cost.

Correct - Your answer is correct.

Wrong - Your answer is wrong.

Detailed Answer

(b) A personal financial statement presents the estimated
current values of assets and liabilities. Additional information
at historical cost is not required.

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