Elements of Financial Statements
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| Asset | A resource controlled by an entity, as a result of past events, from which future economic benefits are expected to flow to the entity
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| Liabilities | 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
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| Owners Equity | The residual interest in the assets of the entity after the deduction of its liabilities
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| Revenue | An inflow of economic benefits (or saving in outflows) in the form of an increase in assets (or decrease in liabilities) that increases owner’s equity, except for capital contributions by the owner
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| Expenses | An outflow or consumption of economic benefits (or reduction in inflows) in the form of a decrease in assets (or increase in liabilities) that reduces owner’s equity, except for drawings by the owner
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