FAC 1502 STUDY NOTES 2026 PREMIUM STUDY
GUIDE FULL SOLUTION CONTENT GRADED A+
◉ Non-current Asset. Answer: Assets of a more permanent nature which
are essential in the process of earning income
◉ Current Asset. Answer: Assets which have a short lifespan and
continually change in the normal course of business
◉ Current Assets. Answer: inventories
Debtors
Bills received
Cash at the bank
◉ Asset. Answer: A resource controlled by the entity as a result of past
events and from which future economic benefits are expected to flow to
the entity
◉ Liabilities. Answer: Present obligations of the entity arising from past
events, the settlement of which is expected to result in an outflow from
the entity
◉ Non-current liability. Answer: Long-term debts, which have to be
settled after one year of the date of the statement of financial position
GUIDE FULL SOLUTION CONTENT GRADED A+
◉ Non-current Asset. Answer: Assets of a more permanent nature which
are essential in the process of earning income
◉ Current Asset. Answer: Assets which have a short lifespan and
continually change in the normal course of business
◉ Current Assets. Answer: inventories
Debtors
Bills received
Cash at the bank
◉ Asset. Answer: A resource controlled by the entity as a result of past
events and from which future economic benefits are expected to flow to
the entity
◉ Liabilities. Answer: Present obligations of the entity arising from past
events, the settlement of which is expected to result in an outflow from
the entity
◉ Non-current liability. Answer: Long-term debts, which have to be
settled after one year of the date of the statement of financial position
