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1. Financial asset is any asset that is:
a) Cash
b) An equity instrument of another entity
c) A contractual right to receive cash or other financial from another entity.
2. Financial liability: - It is any liability that involves a contractual obligation to deliver cash or another financial asset to another entity or to exchange financial assets/liabilities .with another entity under conditions that is potentially unfavorable to the entity.
Wilfykil answered the question on February 8, 2019 at 05:24