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MONETARY ASSETS AND LIABILITIES

Monetary assets and liabilities are money or claims to future cash flows that are fixed

or determinable in amounts and timing by contract or other arrangement. Examples

include cash, accounts and notes receivable in cash and accounts and notes payable in

cash.

NON-MONETARY ASSETS AND LIABILITIES

Non-monetary assets and liabilities are assets and liabilities that are not monetary.

Inventories, investments in common stock, tangible capital assets and liabilities for rent

collected in advance are examples of non-monetary assets and liabilities.

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Q: What are both monetary and non-monetary?
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