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Financial Accounting FAC 1502 Exam Questions and Answers

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Financial Accounting FAC 1502 Exam Questions and Answers

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Financial Accounting FAC 1502



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

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