FACC 2602
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Interpreting a Balance Sheet... - -... >Are balance sheet accounts temporary or permanent? - -Permanent >Assets... - -... >What are the two characteristics of assets that are reported on the balance sheet? - -1- must be owned or controlled by the company 2- it must confer expected future economic benefits that result from a past transaction or event. >When are intangible assets reported on the balance sheet? - -when the assets are purchased, not created internally. &g...
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Interpreting a Balance Sheet... - -... >Are balance sheet accounts temporary or permanent? - -Permanent >Assets... - -... >What are the two characteristics of assets that are reported on the balance sheet? - -1- must be owned or controlled by the company 2- it must confer expected future economic benefits that result from a past transaction or event. >When are intangible assets reported on the balance sheet? - -when the assets are purchased, not created internally. &g...