a) Indicate which of the following statements is most correct by placing the number in the marked square -> 4 1 2 The accounting categorisation of assets captures those events that are expected to produce economic outflows of resources The accounting categorisation of assets are the result of changes in shareholders equity not due to transactions with shareholders The accounting categorisation of assets excludes intangible assets as they cannot be reliably measured The accounting categorisation of assets seeks to capture those events that give rise to economic resources 3 4 b) Indicate which of the following statements is most correct by placing the number in the marked square -> 3 1 2 3 4 Assets are always recorded at historical cost Historical cost provides a relevant and reliable valuation for assets The total value of assets on the balance sheet likely understates the actual economic resources available to the company Fair value is always the best way to the value of assets as it is most reliable c) Indicate which of the following statements is most correct by placing the number in the marked square -> 3 1 2 As liabilities reduce equity relative to assets, they should be avoided where possible by businesses The accounting classification of liabilities recognises the obligations that may arise in the future The accounting classification of liabilities recognises obligations that the company presently has The accounting classification of liabilities recognises the economic resources of the business 3 4