What are the owners equity and liabilities, Accounting Basics

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What are the owners equity and liabilities

Response to the following questions:

1. Why are classified and comparative financial statements generally presented in annual reports to shareholders?

2. Why are owners' equity and liabilities considered the "sources" of assets?

If possible, please give examples to better understand your answers.

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Accounting Basics: What are the owners equity and liabilities

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Accounting Basics: What are the owners equity and liabilities

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