International Accounting Standarts IAS32 Financial instruments: presentation provides the following definitions: "Financial instrument: a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity." "Puttable instrument: a financial instrument that gives the holder the right to put the instrument back to the issuer for cash or another financial asset" [Note in Accounting terminology, cash includes notes and coins and also bank deposits] a. According to that definition, should money be considered as a financial instrument? Justify your answer and illustrate it with balance sheets. (1 mark) b. In Econ3210 Financial Markets and Institutions, we have decided not to consider bank deposits as financial instruments. Infer from the role of a financial instrument the pedagogical reason why this decision was made. Which misconception would emerge if we had followed the definition of IAS32? Explain in details your reasoning. (2 marks) C. List all the items we have covered in the course so far (topic 0 to 2) that would be puttable instruments in the definition of IAS32. Justify your answers. (1 mark) A C2 question requires high writing standards using full sentences, avoiding spelling mistakes or grammatical errors and having explicit logical links between sentences.