The balance sheet

Question 1

Current Asset

Answer 1

A resource controlled by the entity (as a result of past events), from which a future economic benefit is expected within 12 months`

Question 2

Non-current asset

Answer 2

A resource controlled by the entity (as a result of past events), from which a future economic benefit is expected for more than 12 months

Question 3

Current Liability

Answer 3

A present obligation of the entity (as a result of past events), the settlement of which is expected to result in an outflow of economic benefits in the next 12 months

Question 4

Non-Current Liability

Answer 4

A resource controlled by the entity (as a result of past events), from which a future economic benefit is expected sometime after the next 12 months