The statement of financial position reports the assets, liabilities, and equity of a company at a specific date. This is also referred to as the balance sheet sometimes. * True False Each financial transaction must be analyzed in terms of its effect on the two components of the basic accounting equation where both sides of the equation should be equal most of the time. * True False Intangible (or cash convertible) assets are assets like cash and other resources that are reasonably expected to be realized in cash or sold or consumed in the business within one year or the operating cycle, whichever is longer. * True False Long-term liabilities are the obligations that the company is expected to pay within the next year or the operating cycle, whichever is longer. * True False