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Description: An asset is typically any useful thing or something that holds value. Most people have personal assets, like cash, savings accounts, bonds, life insurance policies, jewelry, and collectibles. A person’s skills and abilities can also be an asset. In business, though, assets need to provide positive economic value. These resources must create or produce something that the company can sell for cash, or the resource itself must hold resale value. Calculating your total assets answers that question and gives you a clear image of your business's actual financial health. To do so, you'll use the following formula: Total Liabilities + Equity = Total Assets.

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Description: An accounting in General Ledger is a record of all financial transactions of a business. It contains all information about transactions such as dates, amounts, and descriptions. It is used to track expenses and revenue that provides accurate information to check for business financial health. It’s dependes on double-entry bookkeeping. So that financial transaction recorded in the general ledger must include at least two entries, one for a credit and another for a debit account that total amounts of credits and debits for each transaction must be equal.

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Description: Financial Management service is the most important for every business organization. It provides strategic planning, organizing, directing, controlling, and monitoring financial resources. It also helps that every financial decision supports for achieving long-term success. These decisions include managing cash flow, tracking liquidity, maximizing profits, and developing financial scenarios. Financial planning is required by businesses at all stages of growth to successfully manage and run a business organization. It is achieved by applying principles of management to the financial assets of a business.

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