Posted: March 3rd, 2021

Describe 3 differences between current and long-term assets and liabilities.

Why it’s important for assets and liabilities to be distinguished in terms of current and long-term?

Question#1 (one page)

Describe the difference between current and long-term assets and . https://essaypro.ukhttps://essaypro.uk

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.