Elements of a financial statement
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| Asset | 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 | 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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| Owner's Equity | The residual interest in assets of the entity after the deduction of liabilities
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| 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
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| 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
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