QUESTION THREE

$3\mathrm{.}1.$ 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

$3\mathrm{.}2.$ Using a flow chart illustrate the accounting process.