key terms Flashcards
1
Q
owners equity?
A
residual interest in assets that a entity owns after deducting liabilities
2
Q
2 types of assets
current
non-current
A
assets are a present economic resource controlled by an entity
current
- are primary cash or other types of assets expected to be converted to cash, sold or consumed by a business within 12 months.
non-current assets
-are held for <1 years and are not for resale
3
Q
A
4
Q
expenses
A
increase in liabilities or decrease in assets that results in decrease in owners equity
5
Q
revenue
A
increase in assets or decrease in liabilities in owners equity
