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Please answer each question separately in a comprehensive and thorough manner and using academic sources. 1. Define and present a simple example of a Balance

Please answer each question separately in a comprehensive and thorough manner and using academic sources.

1. Define and present a simple example of a Balance Sheet, Income Statement and Cash Flow.

2. Explain and state what current assets and fixed or long-term assets consist of.

3. Explain and state what current liabilities and long-term liabilities consist of.

4. What is Net Equity and what accounts make it up?

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