Q7. Assume that Masters Enterprises uses the following headings on its statement of financial position Item Account headings (1) Non-current liabilities. (a) Investments. (g) Current liabilities. (b) Property, plant, and equipment. (h) Share capital. (c) Intangible assets. (1) Share premium. (d) Other assets. 6) Retained earnings. Current assets. (k) Accumulated other comprehensive income. 2 Instructions Indicate by letter how each of the following usually should be classified. If an item should appear in a note to the financial statements, use the letter "N" to indicate this fact. If an item need not be reported at all on the statement of financial position, use the letter "X" 1. Example: Current Asset 2. 3. 4. 5. 6. 7. 8. 9. Prepaid insurance Investments in non-consolidated subsidiaries Investments in the associated companies. wasting resources (minerals) Construction in progress trade names customer lists Raw materials Work in process Finished goods Spare parts 10. 11