Monetary assets/liabilities are those whose value is known ex-ante (you can also think of them as more “liquid” assets if that helps). That includes anything held at “fair value”, cash, payables, receivables, and all debt (ST and LT). Conversely, we don’t quite know what we can sell our land, inventory, and intangibles for – so they are non-monetary.
Operating assets are not defined as well in the curriculum I believe, but they are by definition assets not related to the core business operations.
-monetary/non-monetary: what @Arbitrageur ; said. it’s anything that is clearly defined in terms of money. That means current assets excl.inventory (because invetory has to be valued, so it’s not a monetary asset). Monetary liabilities are I think always all liabilities… I don’t I came across a vignette where there would be non-monetary liabilities.
-distinction between operating/non-operating is important in the context of Private company valuation. Intuitively, those are assets that aren’t used in generation of the cashflow that drives the value of the company. They are extra. They should be explicitly described in the item set – Kaplan says to look for terms like “excess cash” or “land held for investments”. I would generilize land to all property held for investment instead of operation.