One of the key financial statements published by companies is the statement of financial position. It reports the company's assets, liabilities, and equity at a specific point in time.

Required:

(a) In not more than 450 words, explain the terms assets, liabilities and equity and show how these terms are related.

(b) For each of the terms (i.e., Assets, liabilities and equity) provide one (1) example. Justify your choice.