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Distinguishing between assets and liabilities

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Question 1: Briefly explain the following concepts with examples.

a. Differentiate between Income Statement and Balance Sheet. What are the factors that make them Successful?

b. In its simplest form, your balance sheet can be divided into two categories: assets and liabilities. Assets are the items your company owns that can provide future economic benefit. Liabilities are what you owe other parties. Distinguishing between Assets and Liabilities.

Reference no: EM132562875

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