Flashcards
Elements of Final Accounts
Flashcards do conjunto (5)
- 1AssetA resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.
- 2LiabilityA present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits
- 3EquityThe residual interest in the assets of the entity after deducting all its liabilities
- 4IncomeIncreases in economic benefits during the accounting period in the form of inflows or enhancement of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants.
- 5ExpensesDecreases in economic benefits during the accounting period in the form of outflows or depletions of assets or increases in liabilities that result in decreases in equity, other than those that represent distributions to equity participants
Informações
- Descrição
- Legal framework definitions of elements of final accounts
- Criado por
- Liz Barraclough
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