Why are fixed assets depreciated on a balance sheet, Accounting Basics

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Why are fixed assets depreciated on a balance sheet

Assignment:

Q1. Briefly describe the five steps of the accounting cycle in order.

Q2. What is the principal difference between a balance sheet and an income statement?

Q3. How are current assets distinguished from fixed assets? Why are fixed assets depreciated on a balance sheet?

Your answer must be typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.

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Accounting Basics: Why are fixed assets depreciated on a balance sheet

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