Sometimes the value spent by a corporation is recorded as an asset and sometimes as an expense. Find appropriate professional research to answer the following:

• Define the two terms. How and why are these expenditures different from each other?
• How are they different from Liabilities?
• Describe the effects of assets and expenses on the company's financial statements.
• How does Current Assets affect the financial statements differently from fixed assets?
• Comment on the statement that "all assets are eventually expenses"