Elements Word Scramble
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| Term | Definition |
| 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 |
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BRITS113
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