Distinguish financial and non-financial assets


Question: For government accounting purposes, what is the difference between financial and non-financial assets? Question Answer a. Financial assets can only be used for debt repayment, and non-financial assets can only be used for providing services. b. Non-financial assets can be used for providing services and debt-repayment, but financial assets can only be used for providing services. c. Non-financial assets can only be used for providing services, but financial assets can be used for providing services and debt-repayment. d. Financial assets can only be used for providing services, and non-financial assets can only be used for debt repayment. e. None of the other options are correct.

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Accounting Basics: Distinguish financial and non-financial assets
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