Ethanol upon combustion gives carbon dioxide and water.
C2H5OH + 3O2→ 2CO2 + 3H2O
Ethanol is oxidized to ethanoic acid when treated with oxidizing agents like acidified potassium dichromate
C2H5OH \(\underset{Acidified\,k_2Cr_2O_7\,+\,Heat}{\stackrel{Alkaline\,KMnO_4\,+\,Heat}{\longrightarrow}}\) CH3COOH