When a company declares a dividend, it becomes a temporary liability for a company that is recorded in the balance sheet as a current liability (Dividend Payable).

An asset statement is a document that provides a detailed overview of the company’s financial holdings. The documents provide information about different types of assets such as cash

Petty means small or minor and cash means money. Petty cash means the small amount that a company keeps in hand for small expenses or for urgent or incidental expenses.

Employees are the person that works for someone on the bases of salary or wages. These people play an essential role in the business operation.

A business asset can be tangible such as a vehicle and machine, or intangible such as goodwill or copyrights.

Prepaid rent is an advance payment made to the landlord or a property owner by the tenant for using a property for a specified time.

A purchase agreement is something that enables a business to purchase an asset from another business or acquire a whole business through documentation.

The right of use asset is a lease that allows someone to use an asset over a lease life. The amortization period is started from the commencement

Personal assets are assets that have present or future value and are acquired by an individual or household. Personal assets can be anything that has some cash value.

Advertising is an effective tactic that small and large businesses use to promote their products, services, or ideas to a specific or targeted audience

Merchandise inventory refers to the stock of a business that is held by a business for the purpose of selling to customers.

A higher asset turnover ratio indicates the best performance and utilization of assets to generate sales while a lower asset turnover ratio shows bad performance and low sales.