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|Probable future economic benefits obtained or controlled by an entity
|Probably future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events.
|Equity(or net assets)
|Called shareholders' equity or stockholder's equity for a corporation it is the residual interest in the assets of an entity that remains after deducting its liabilites
|Investments by owners
|Increases in equity of a particular business enterprise resulting from transfers to it from other entitles of something of value to obtain or increase ownership interests in.
|Distribution to owners
|Decreases is equity of particular enterprise resulting from transfers to owners.
|All changes inequity except owner transactions Total nonowner change in equity for a reporting period
|Increases inequity from the sale of goods and/or services
|Outflows or other using up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or other activities that Constitution the entity's ongoing major or central operations
|Net inflows generally reported as part of noncorperating income
|Net outflows from peripheral transactions
|Unqualified Opinion(Clean Opinion)
|The statements are presented fairly in conformity with GAAP.
|Scope limitation or a departure from GAAP
|Not fairly presented
|Limit on scope, uncertainty, Insufficient information
|An organized array of assets, liabilities, and equity
|Relates to the amount of time before an asset in converted to cash or a liability is paid.
|Items expected to be converted to cash or consumed within one year or the operating cycle, whichever is longer
|Cash to Cash
|Will be satisfied through the use of current assets
|One-month U.S. Treasury bill
|Lacks of physical substance
|current asset- current liabilities
|Recorded when an expense is incurred but not yet paid
|Summary of significant accounting policies
|An organized array of assets,liabilities, and equity
|Occurs after the fiscal year-end but before the statements are issued.
|When groupedtogether, essentially net income on a cash
|Costs incurred often relate to downsizing
|noncash financing and investing activities
|The acquisition of assets by issuing debt or equity securities.