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• Discuss the two main distinctions between assets on the balance sheet. The two main distinctions between assets on a balance sheet are current and long-term assets. Current assets on a balance sheet contain all the assets that can be likely to convert

·         Discuss the two main distinctions between assets on the balance sheet.

The two main distinctions between assets on a balance sheet are current and long-term assets.  Current assets on a balance sheet contain all the assets that can be likely to convert into cash within a year or quicker; such as cash, inventory or accounts receivable.   Long-term assets are known as noncurrent assets that have a useful life of more than a year and usually last for several years.  Long term assets are considered noncurrent and are illiquid, meaning they can be easily liquidated into cash. 

·         Discuss reporting requirements for contingencies.

·         xplain two examples of contingent liabilities

Two examples of contingent liabilities

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