QUESTIONS AND CORRECT DETAILED
ANSWERS (ALL GRADED A+).
Non-current Assets - ANS -land and buildings
Furniture and equipment
Vehicles
Financial Assets
Non-current Asset - ANS -Assets of a more permanent nature which are essential in the process
of earning income
Current Asset - ANS -Assets which have a short lifespan and continually change in the normal
course of business
Current Assets - ANS -inventories
Debtors
Bills received
Cash at the bank
Asset - ANS -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 - ANS -Present obligations of the entity arising from past events, the settlement of
which is expected to result in an outflow from the entity