Elements of a financial statement
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | A resource controlled by entity, as a result of past events, from which future economic benefits are expected to flow to the entity
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| Liabailty | show 🗑
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| show | The residual interest in assets of the entity after the deduction of liabilities
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| show | 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
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| show | 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
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