Types of assets in business

In accounting terminology,there are two types of assets.These include long term assets and current assets.

Current Assets
Current assets are those assets which can be converted into cash within a period of less than one year.They include cash and business stocks or inventory.

Long Term Assets
Long term assets are those assets which can not be converted into cash within one year,they take time inorder to convert them into cash.They include land and machineries.

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