Continuation of the Key terms for the Cash & Accrual Bases Accounting…….

The Assets- the assets are generally those possessions of an individual that have a good market value or are quite valuable. Assets are mainly classified into three types-

Current Asset- the cash is the most basic asset of any individual. The money that is being held in accounts like the checking and savings accounts is also included in the cash. Also inclusive are the marketable securities in the form of bonds, stocks, shares etc. The money lent or payments due from clients even form a part of it.

Fixed Asset- comprises of all the tangible valuable things like property, machines, equipments, land and the like that are not meant to be sold. Intangible Asset- incorporates all the untouchable things like copyrights, patents, trademarks etc. that have tremendous monetary significance. The law of opposites governs the nature; where there are assets, there will be liabilities. These are the debts that you have to pay back to your creditors. This can be done through giving cash or any other asset like jewelry, some other goods etc. Liabilities again are of two kinds-

The Current Liabilities- the liabilities that are to be paid back within a certain time limit and most often through your current assets. These include the accounts payable i.e. type of bill that you have to monthly, the Notes Payable-loans taken from banks meant to be repaid within 30 days and the Accrued Expenses- the compulsory expenses like taxes, wages, interests etc. where the bills are not received but the balances of each must be repaid.

Long Term Liabilities- those debts that can be repaid at ease for the tenure is more then a month.


accounting and bookkeeping services | accounting bookkeeping service | accounting bookkeeping services | QuickBooks accounting services | tax preparation accounting services | accounting and tax preparation services | small business accounting | small business accounting services | small business accounting firms | best online accounting for small business | small business accounting solutions | affordable small business accounting services | small business accounting consulting | small business accounting professionals | small business QuickBooks accounting | accounting for your small business | healthcare accounting | accounting for healthcare services | healthcare finance and accounting | accounting for healthcare organizations | accounting for healthcare professionals | healthcare accounting services | accounting firms specializing healthcare | accounting in healthcare industry | healthcare accounting companies | healthcare accounting firms | top healthcare accounting firms | eCommerce accounting | accounting for eCommerce business | eCommerce accounting firm | accounting for eCommerce companies | accounting services for eCommerce | eCommerce accounting process | eCommerce accounting services | real estate accounting | accounting of real estate | accounting in real estate companies | real estate accounting firms | real estate accounting services | accounting firms specializing in real estate | QuickBooks real estate accounting | real estate accounting & bookkeeping services | real estate business accounting | real estate tax accounting services inc | top real estate accounting firms | crypto tax accounting | accounting for crypto | crypto accounting | crypto accounting solutions

New Tax Law pdf Valued $49 - Free

New Tax Law pdf Valued $49 - Free

small print We won't rent, sell or spam you!

You have Successfully Subscribed!