Accounting elements Flashcards

1
Q

Assets

A

Economic resources under the control of the entity, which has the potential to produce future economic benefits.

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2
Q

Liabilities

A

Obligations to transfer resources to another entity.

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3
Q

Owners equity

A

The residual value of the assets of an entity after deducting all its liabilities..

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4
Q

Revenue

A

Increase in assets or decrease in liabilities, that result in an increase in owners equity.

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5
Q

Expenses

A

Decreases in assets, or increases in liabilities, that result in a decrease in owners equity.

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6
Q

Gst refund/ GST liability

A

When a business pays GST (purchase of items) decreases liability or creates an asset.
When a business collects GST in increases the liability.

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