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please view attachment for the 3 question.
To use financial accounting standard, https://www.asc.gov.sg/2017volume
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Explanation & Answer
Attached.
Running Head: FINANCIAL ACCOUNTING
Financial Accounting Questions
Name
Institution Affiliate
1
FINANCIAL ACCOUNTING
2
Question 1 a
Assets are defined as a resource that has a monetary value and that is owned by an
organization or a person with an anticipation that the resource will provide the owner with future
benefits. In a balance sheet, there are two types of assets namely short term and long-term asset.
The current asset is resources that future benefits do not exceed one year
(Narayanaswamy,2017). They include items like cash, cash at the bank, inventory, accounts
receivable to mention but a few. The non-current asset is those resources whose future benefits
exceeds one year. They include; land, building, machinery, motor vehicles to mention but a few.
Liabilities are an obligation that the business or a person owes another entity for work
done in the past. There are two types of obligations or liabilities namely current liabilities and
non-current liabilities. The current liabilities are that obligation the organization is supposed to
settle wit...