Describe the difference between current and long-term assets and liabilities – list 5 advantage of having more assets than liabilities
Question#1 (one page): long-term assets
Describe the difference between current and long-term assets and liabilities.
Why do you think it is important for assets and liabilities to be distinguished in terms of current and long-term?
Question#2 (one page)
Each financial transaction in a business has what is called a “dual effect” on the accounting equation. Explain this term and give an example of a financial transaction and how it affects each account.
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