$3\mathrm{.}1$ Define with examples where applicable each of the following accounting concepts$/$terms:

$3\mathrm{.}1\mathrm{.}1$ Accounting $(3)$

$3\mathrm{.}1\mathrm{.}2$ Current liability $(4)$

$3\mathrm{.}1\mathrm{.}3$ Current asset $(4)$

$3\mathrm{.}1\mathrm{.}4$ Net asset value $(3)$

$3\mathrm{.}1\mathrm{.}5$ Accounting policy $(4)$

$3\mathrm{.}2$ Discuss the accounting cycle. $(7)$

QUESTION FOUR