Please show the answers and explanation, based on the photo provided.

51. These users need information on trend and recent development where an entity makes a substantial contribution to the local economy providing employment and using local suppliers. a. The public c. Finance entities b. Governments and their agencies d. Private entities 52. The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as a.. Solvency c. Liquidity b. Financial flexibility d. Exsbapeability 53. Liabilities that an entity expects to settle in the normal operating cycle are a. Noncurrent liabilities b. Current or noncurrent liabilities in accordance with other criteria c. Current liabilities d. Equity 54. Which of the following is an essential characteristic of an asset? a. The claims to an asset's benefits are legally enforceable b. An asset is tangible c. An asset is obtained at cost d. An asset provides future benefits 55. Trade receivables are classified as current assets if they are reasonably expected to be collected a. Within one year b. Within the normal operating cycle c. Within one year or within the operating cycle, whichever is shorter d. Within one year or within the operating cycle, whichever is longer 56. Nontrade receivables are classified as current assets only if they are reasonably expected to be realized in cash a. Within one year or within the operating cycle, whichever is shorter b. Within one year or within the operating cycle, whichever is longer c. Within the normal operating cycle d. Within one year, the length of the operating cycle notwithstanding 57. Credit balances in accounts receivable shall be classified as a. Current liabilities c. Long ferm liabilities b. Part of accounts payable d. Deduction from accounts receivable 58. Withdrawal of cash deposited in the bank are made by a. Issuance of check voucher c. Issuance of checks b. Issuance of credit memo d. Issuance of official receipts 59. Evidence of claim sent by the seller to the buyer for damaged or return of items. a. Credit memo c. Sales invoice b. Purchase invoice d. Deposit slip 60. It is the excess of total asset owned over the total liabilities owned by a business entity. a. Asset c. Liability b. Owner's equity d. Resources