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Elements of a financial statement

Asset A resource controlled by entity, as a result of past events, from which future economic benefits are expected to flow to the entity
Liabailty A present obligation of the entity as a result of past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits
Owner's Equity The residual interest in assets of the entity after the deduction of liabilities
Revenue An inflow of economic benefits in the form of an increase in assets that increase the owners equity, expect for the capital contribution by the owner
Expense an outflow or consumption of economic benefits in the form of a decrease in assets that reduces owner's equity, expect for the drawings by the owner
Created by: BRITS113