Question
Which among the following criterion are required to be
fulfilled for an asset to be classified as a Current Asset?Solution
An asset shall be classified as current when it satisfies any one of the following criteria: a.   It is expected to be realized in, or is intended for sale or consumption in, the company’s normal operating cycle b.   It is held primarily for the purpose of being traded c.    It is expected to be realized within 12 months after the reporting date, or d.   It is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting date All other assets shall be classified as non-current .
Express offer means________________
 The following statements provide:
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I. The incident was of a type that does not generally happen without negligence
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Counterparts of documents as against the parties who did not execute them are:Â Â
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The documents that are not produced inspite of giving a notice to produce-
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