# This week we discuss the properly classified Balance Sheet. Recall that the value of assets is based on historical cost

###### Question:

This week we discuss the properly classified Balance Sheet. Recall that the value of assets is based on historical cost with few exceptions (short-term investments). Liabilities include values based on terms like "likelihood" and "estimatable". So how reliable is the Balance Sheet?

Do you feel that the balance sheet would be more accurate if accountants were allowed to use fair value when placing asset values on the balance sheet? What are the pros and cons of each?

Could a company show a profit and still be short of cash? How so?

Most financial statement readers believe that property, plant, equipment, and intangible assets (most notably goodwill) are the most misstated assets on the balance sheet. Why?

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