Article: Asset And Liability Basics
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Asset And Liability Basics
Knowledge of accounts can make life much easy. If you are to invest in a new business or joining your forefather?s business, planning to take some loan, looking for job in any marketing company, desire to be the manager of a multinational company or have the onus to manage your own assets and liabilities, knowing some basics of accounts becomes mandatory.
Broadly, accounting is bifurcated into two categories:
- Cash Bases Accounting
- Accrual Accounting
The Cash Based accounting pertains to the management of an individual?s personal monetary transactions. In this case, he keeps a track of the money he withdrew, deposited, gave or received from someone etc. This accounting comes to life when actual cash transactions take place.
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