Question: 1. What is Balance Sheet? Identify and explain any two purposes of a 'Balance Sheet'. (10) 2. Distinguish between fixed and current assets and describe

1. What is Balance Sheet? Identify and explain any two purposes of a 'Balance Sheet'. (10)

2. Distinguish between fixed and current assets and describe current ratio. (10)

3. What do you understand from the following equation? (10) Assets = Liabilities + Net Worth

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