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Question

Match list I with list II and select the correct answer using the codes given below the list:
LIST I list II
X.Discount on debentures 1.Current Liability
Y.Forfeited Capital 2. Non-Current Assets
Z.Income tax payable 3. Current Assets
W.Debtors acceptance 4.Non Current Liability
The correct option is:

A
X-2, Y-4, Z-1, W-3
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B
X-4 Y-2 Z-3 W-1
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C
X-2 Y-4 Z-3 W-1
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D
X-4 Y-2 Z-1 W-3
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Solution

The correct option is A X-2, Y-4, Z-1, W-3
Current assets - Assets which can be converted into cash easily within a short time say one year are called as current assets. Eg. Debtors acceptance
Non - Current assets - A non current asset is an asset that is not expected to be consumed within one year Eg. Discount on debentures
Current liability - These liabilities are repayable within a year or in the near future. eg. Income tax payable.
Non current liability - A business's long term financial obligations that are not due within the present accounting year eg. Forfeited capital

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