Characteristics of Non-Current Assets & Accounting Concepts Q1

a) State five (5) characteristics of non-current assets. (10 marks)

b) Elaborate the accounting concepts related to the following situations
i. Personal medical insurance paid by Ms. Nicole is not recorded in the business book.
ii. Mia Petals Financial Report is prepared for transactions that take place from 1 May 2017 to 30 April 2018. (10 marks)
(20 marks, 2019 Q1)

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