hello! here are the answers to your questions 😊 Please let me know if there any revisions you’d like to include!ASSETSAssets are defined as resources that have monetary value in a given economic system. In other words, theyare resources that give value and help generate revenue or receivables. Assets can be broadly classifiedinto various categories, such as current and non-current. Current assets refer to resources that canimmediately be used as leverage and converted into cash or its equivalents. This is also known as liquidassets. Examples of which are stocks, cash-equivalents, resource inventory, and short-term deposits. Noncurrent assets refer to the resources that are not readily converted into cash or equivalent value such astangible and intangible assets. Assents account for all that the company owns. Therefore, debits increasethe number of asset…
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