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Which assets and liabilities may be off-set

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Reference no: EM132616167

Problem 1: Assets and liabilities, and income and expenses may be off-set if:

Option 1: they are financial assets and liabilities.

Option 2: they are in respect of borrowing and lending activities such as interest revenue and interest expense.

Option 3: required or permitted by a standard.

Option 4: there is no tax effect.

Reference no: EM132616167

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