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Why do we categorize Assets and Liabilities as Current and Long Term on the Balance Sheet? From entire Accounting Cycle.What is the number one thing

  1. Why do we categorize Assets and Liabilities as Current and Long Term on the Balance Sheet?
  2. From entire Accounting Cycle.What is the number one thing you have learned about Accounting that may have been different from your original perception of the course before you began?

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