(a) Why must the assets of a business be equal at all times to the claims on...
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(a) Why must the assets of a business be equal at all times to the claims on those assets? Doesn't this mean that the business can never improve its financial position?
(b) What important information should be included in the heading of a balance sheet?
(c) Is the good reputation of an established business an asset? If so, can this asset be shown on the balance sheet?
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