Under fresh start accounting, there will be no beginning retained earnings, assets are valued at fair value, liabilities are recorded at their present values and goodwill may be recorded.

Question

Under fresh start accounting, there will be no beginning retained earnings, assets are valued at fair value, liabilities are recorded at their present values and goodwill may be recorded.​

Quizplus · Accepted Answer

This is correct. Under fresh start accounting, there will be no beginning retained earnings, and assets are valued at fair value, liabilities are recorded at their present values and goodwill may be recorded.

Under Fresh Start Accounting, There Will Be No Beginning Retained