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Directions: Read the following passage carefully:
The balance sheet is a snapshot of a company's financial position at a specific point in time. It shows the company’s assets, liabilities, and equity. The assets are classified as current or non-current, while liabilities are similarly divided into current and non-current categories. The balance sheet also reflects shareholders' equity, which represents the ownership interest in the company. It is crucial for understanding the company’s financial stability and liquidity
How are assets classified on the balance sheet?