You have been asked by one of your friends to explain some of the items included in the Statement of Financial Position of the Air New Zealand Group. For each of the items listed, and using the table provided below, you are required to:

1 describe what the item represents;

2 indicate according to the accounting policy how the item is measured (no answer is required for one of the items, which is indicated in the table);

3 provide the total value of the item from the 2021 financial statements;

4 give details (including the relevant note number) of where the information on the item is located (i.e., how it is classified) within the 2021 financial statements; and

5 provide reasons for the classification of the item as either a current or non-current asset/liability or equity item using only the information provided in the financial statements or lecture recordings.

List of the items:

i. Inventory

ii. Property, Plant and Equipment

iii. Revenue received in advance

Your answers should relate specifically to the Air New Zealand Group, and should not contain a general description of each item.