Elements of financial statements Flashcards

1
Q

Define assets

A

assests are present economic resources that are controlled by the entity as a result of passed events

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2
Q

define current assests

A

assests that a released in the short term of the business cycle ,normally within one year

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3
Q

define non current assets

A

assests that are held for a longer peroid of time ,typically over one year

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4
Q

define liabilities

A

a liability is a present obligation of the entity to transfer an economic value as a result of past events

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5
Q

define current term liabilities

A

liabilities that will be settled in the short term during the business cycle,normally within one year

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6
Q

define non current liabilities

A

refer to liabilities that are settled in the long term,normally more than one year

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7
Q

define equity

A

equity is the residual interest in the assets of the entity after deducting all its liabilities

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8
Q

define income

A

increases in assets or decreases in liabilities which result to increases in equity, either than those relating to contributions from holders of equity claims

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9
Q

define expense

A

decreases in assests or increases in liabilities which result in decreases in equity ,either than those relationg to distributions to holders of equity claims .

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