135 a client of your accounting firm is impressed with the precision and detail in t 4313931

135 a client of your accounting firm is impressed with the precision and detail in t 4313931

135. A client of your accounting firm is impressed with the precision and detail in the financial statements that you have just prepared for his company. However, he wants to know if there are any limitations to the information contained in them.

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Required:

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Briefly describe four limitations of the balance sheet.

136. A friend of the family has just received her first set of financial statements from her accountant. When she finds out that you are an accounting major, she asks you, “Why aren't my employees listed as an asset on my company's balance sheet?”

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Required:

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Write an explanation describing the characteristics that an economic resource must possess in order to be considered an asset. Include in your discussion the primary reason why “human resources” are not recognized as assets.

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