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The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
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A
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as Current assets. Current assets include cash, cash equivalents, accounts receivable, stock inventory, marketable securities, pre-paid liabilities, and other liquid assets.
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Login1)personal account :- debit the receiver
Credit the giver
2)impersonal account :-
i) real account :-
Debit what comes in
Credit what goes out
ii) Nominal account :-
Debit the expense and losses
Credit the expense of income & gain