NCEA Level 3 Accounting Practice Questions - NCEA Level 3 Accounting (NZQA Assessment Standards 91404, 91405, 91406, 91407, 91408, 91409) Exam

A present economic resource controlled by the entity as a result of past events. A physical tangible item owned legally by the business that can be liquidated for cash. A future inflow of economic benefits expected to occur within twelve months of balance date. A resource paid for in cash during the current financial period that has positive monetary value.