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7 Cards in this Set
- Front
- Back
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List the 3 types of Fixed Assets
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1) Property
2) Plant 3) Vehicals |
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List three Types of Current Asset
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1) Cash
2) Prepayment 3) Debtors |
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List three types of Current Liabilities
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1) Deferred Revenue
2) Accruals 3) Creditors 4) Loans |
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Give an example of the long term liability
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1) Loan
2) Leased Creditors |
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How is a long term liability defined
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A liability which will be paid over several balance sheets
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How is a current liability defined
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It is a liability which needs to be paid within the current balance sheet period
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Why are deferred revenues seen as current liability
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because the actual revenue activity has not be completed
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