FINANCIAL ACCOUNTING FAC 1502 ASSIGNMENT 1

FINANCIAL
ACCOUNTING FAC 1502
ASSIGNMENT 1
Non-current Assets - ANSWER>>>land and buildings

Furniture and equipment

Vehicles

Financial Assets

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

Current Liability - ANSWER>>>Debts that have to be settled in the short-term, usually within a year from
the date of the statement of financial position

Non-current Liabilities - ANSWER>>>Long-term based loans

Mortgages