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What circumstances are assets and liabilities

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Reference no: EM132988464

Problem 1: Under what circumstances are assets and liabilities ordinarily classified broadly in order of liquidity rather than on a current/non-current classification?

Problem 2: Can an asset that is not realisable within 12 months be classified as a current asset? If so, under what circumstances?

Problem 3: Explain the difference between classification of expenses by nature and by function.

Reference no: EM132988464

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