ACCT 304 Week 2 Discussions, & Quiz Intermediate Accounting IWeek 2ACCT 304 Week 2 DQ 1 Balance Sheet- Purpose and Uses:The balance sheet is one of the first financial statements I turn to when reviewing a company. You can learn a lot about a company by looking at its balance sheet. The balance sheet is also called the statement of financial position. Why is this? What is the purpose of the balance sheet?ACCT 304 Week 2 DQ 2 Disclosure Notes:Disclosures are required to elaborate on certain items that are presented in summarized form in the financial statements. There are specific disclosure notes that are required to be present in all financial statements, while others may be unique to the disclosure needs of a particular company.Lets start by discussing the three required disclosures. Please pick one and explain what information is to be included in the note:Summary of Significant Accounting PoliciesSubsequent EventsThird Party TransactionsACCT 304 Week 2 Assignments:Exercise 3-2, 3-3, 3-4ACCT 304 Week 2 Quiz :(TCO 4) Current assets include cash and all other assets expected to become cash or be consumed(TCO 4) Rent collected in advance is(TCO 4) Janson Corporation Co.s trial balance included the following account balances at December 31, 2011:What amount should be included in the current liability section of Jansons December 31, 2011 balance sheet?(TCO 4) Which of the following would be disclosed in the summary of significant accounting policies disclosure note?(TCO 4) Below is the partial balance sheet ($ in thousands) for Paisano Seafood Inc.