Nyaw

Elements Fundamentals | |

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|Introduction |

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|While in operation, as far as accounting is concerned, a business is financially dealing with two categories of elements: its assets and |[pic][pic|

|its liabilities. |] |

|Assets | |

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|An asset is something (a resource) that the company currently owns and uses to get the business functioning. | |

|An asset can be an item without which the company would not operate. For example, for a car rental company, an asset can be the piece of | |

|paper used to register information about the customers who come to rent a car. For the same company, an asset can the car that a customer| |

|comes to rent. | |...