Accounting Article : Asset and liability basics

by: Mansi gupta

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