QUESTION THREE

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

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

$3\mathrm{.}1\mathrm{.}2$ Current liability

$3\mathrm{.}1\mathrm{.}3$ Current asset

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

$3\mathrm{.}1\mathrm{.}5$ Accounting policy