Write a post of 1 to 3 paragraphs, fully responding to each question. One paragraph is considered to be five or more sentences. Consider content from other parts of the course where appropriate. Support your answer with relevant resources. If you choose to include resources, please cite your source(s) in proper APA format, including the text.

Define the following:

Assets

Liabilities

Equity

Net assets

1. What does the concept of objectivity imply for the information reported in financial statements?