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FAC 1502 STUDY NOTES 2026 PREMIUM STUDY GUIDE FULL SOLUTION CONTENT GRADED A+

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FAC 1502 STUDY NOTES 2026 PREMIUM STUDY GUIDE FULL SOLUTION CONTENT GRADED A+

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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

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