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Balance sheet Document designed to show the state of affairs of an entity at a particular date. It consists of 2 lists: Resources and Sources. The total of both list must be equal
Resources- assets It is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.
Sources - claims The second part of the list shows where the assets came from. It requires repayments or recompense
Double entry bookkeeping A system of keeping accounting records that recognize the dual nature of every financial accounting transaction.
Liabilities (IASB definition) A present obligation of the entity arising from past events. The settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
Owner's equity Claim by the owners Equity- the owner's stake in the entity
Income statement Contains: All the positive parts of the profit (revenue) All the negative parts of the profit (expenses) Has 2 parts- Statement of total recognized gains and losses -Statement of other comprehensive income
Logical interrelationship Assets= Capital+( Revenue-Expenses)+ Liabilities Assets= Owner's equity+ Liabilities
Factors that will affect Capital profit or loss owner takes profit out owner can invest extra capital
Assets= Resources with remaining future benefits at the period end
Expenses= The resources used up in the period
Cash flows A statement of cash flows is drawn up for the accounting period. It shows how cash come in and out in the period
Fundementals Statement of Financial position Statement of Comprehensive income Statement of Cash Flow Statement of changes in Equity Notes
Borrowing is a liability as although it injects money the bank is not an owner of the business
Long term assets Are known as Non current assets these are assets that will be used for over 1 year such as Land, Equipment
Short term assets Are known as Current assets these are assets that will be used under a year such as Tech
Created by: azaya
Popular Accounting sets




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