Financial Statements Question:
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What are Current Assets?


Current Assets : are the assets which get generated during the course of operations and are likely to be converted in the form of cash or getting utilized during the normal operational cycle of the business within a short span of time of one year. Example: Sundry Debtors, Prepaid expenses, Stock etc.

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Please tell me what are the two most basics financial statements prepared by the companies?What are Loans?