1. In approximately 150 to 200 words, respond to the following questions. :
   1. What is an asset? Provide one example of a current asset and explain what is meant by current asset.
   2. What is a liability? Provide one example of a current liability and one example of a long-term liability.
   3. What is the difference between a liability and an expense? Provide one example of an expense.
   4. What is meant by the term fund accounting? What type of health care entity might use fund accounting and why would they use this method?