What three elements are contained in a balance sheet? What is the importance of the term probable in the definition of an asset? "Liabilities are obligations denominated in precise monetary terms". Do you agree or disagree? Explain. What does the difference between current assets and current liabilities measure? What criteria are generally used (a) in classifying assets as current? (b) in classifying liabilities as current? Indicate under what circumstances each of the following can be considered noncurrent (a) cash and (b) receivables. How can expected refinancing impact the classification of a liability? (a) What is a subjective acceleration clause? (b) What is an objective acceleration clause? (c) How do these clauses in debt instruments affect the classification of a liability? Distinguish between contingent liabilities and estimated liabilities. How do the Equity sections of proprietorships, pa and corporations differ from one another