+1 (208) 254-6996 essayswallet@gmail.com
  

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?

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.