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‘Classification of liabilities is based on the same principles as the classification of assets.’ Do you agree with this? Why or why not?


Unit:  ACT 204 Advanced Financial Accounting

Last day of Submission:

Total Marks: This assignment is 40 marks in total (40% of the course). Each question is worth 10 mark.

Instructions: ACT 204 Advanced Financial Accounting

1. Students are required to cover all stated requirements.

2. Your answer must be uploaded to Moodle in word file with your full name and student ID number.

3. You need to support your answers with appropriate Harvard style references where necessary.

4. Only include information in your appendixes that has been directly referred to in the body of your document.

5. Include a title/cover page containing the subject title and code and the name, student id number and name.

6. Please save the document as

ACC102_B2T22016_first name_Surename_Student Number Eg:Eco101_B1T22018_John_Smith_NA2016000

1. ‘Classification of liabilities is based on the same principles as the classification of assets.’  Do you agree with this?  Why or why not?

2. ‘Classification of liabilities as current or non-current is not that important.  The money is paid out eventually anyway, so what’s the big deal? Discuss.

3. ‘A provision and a contingent liability are the same.’  Discuss.

4. “Employees often fail to appreciate the true cost of their employment”. Discuss.

ACT 204 Advanced Financial Accounting

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