What is a financial asset because it represents the medium of exchange and is therefore the basis on which all transactions are measured and recognized in financial statements?a.Goalb.Currencyc.Objectived.Contract

Dollar is a financial asset because it represents the medium of exchange and is therefore the basis on which all transactions are measured and recognised in financial statements.

Financial instrument is defined as a contract that gives rise to:An asset of one entityA liability of another entityA financial asset of one entityA financial liability of another  entityAnswer :i, ii   i, iii   ii, iiii   iii, iv

Which of the following is a financial asset?Answer : Machinery  Intangible assets   Loan receivable  Prepayments

Which of the following is/are considered an asset of a bank?

What is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity?a.Financial Instrumentsb.Financial Instruments: Recognition and Measurementc.Financial Instruments: Disclosuresd.Financial Instruments: Presentation