QUESTION THREE [20] The following information was obtained from the accounting records of Nick Traders for year ended 31 December 2019: Closing stock for the 2019 year was R15000 Required: 3.1. Differentiate using examples the different types of inventory systems. (4) 3.2. Calculate the gross profit percentages for both the 2018 and 2019 years. QUESTION FOUR 4.1. Define each of the following terms, provide an example where applicable: 4.1.1. Current asset 4.1.2. Net asset value 4.1.3. Going concern 4.1.4. Noncurrent Liability 4.2. With the aid of an appropriate flowchart, illustrate the accounting process