What are asset accounts?

Asset Accounts are used to identify the exact usage of stakeholders’ capital (Debt + Equity). They are reported at book values and are depreciated/amortized in the case of fixed assets and provisioned/expensed for current assets in the P&L. You are free to use this image on your website, templates, etc, Please provide us with an attribution link

What are the different types of asset accounts?

The in these accounts roll forward into the beginning balances for the following year. The general categories of asset accounts are as follows, along with the accounts commonly used within each category: Cash. Includes bills and coins on hand, such as petty cash. Bank deposits. Includes cash kept in depository accounts. Marketable securities.

What is a current asset?

The current asset includes working capital investments for inventory, receivables that need to be collected from customers, and other liquid assets like current investments, fixed deposits, cash, and bank balances. Working capital is essential for every business and is necessary to carry out all the operations effectively.