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Which should be classified as financial instruments

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Reference no: EM132765892

Problem 1: Which of the following should be classified as financial instruments?

a) Patents
b) Trade receivables
c) Inventories
d) Land and building

Problem 2: Which of the following accounting concepts best justifies the use of accruals and deferrals?

a) Cost/benefit constraint
b) Unit-of-measure assumption
c) Continuity assumption
d) Materiality constraint

Reference no: EM132765892

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