Answer:
Yes. Depending upon sentence usage, "it's" is a contraction for the two words "it is" (as in "it's a problem") or "it has" (as in "it's been a long time since I've seen you").

"Its" without an apostrophe stands for the possessive form of the pronoun "it" and is used as an attributive adjective (as in "the book has lost its jacket").
First answer by Ebe4me. Last edit by Bob8164. Contributor trust: 0 [recommend contributor recommended]. Question popularity: 2 [recommend question].