Terms - Elements Of Financial Statement Flashcards
0
Q
Liability
A
The amount you have to pay arising from past events to gain economic benefits
1
Q
What is asset?
A
Item that you can control and contain future benefits
2
Q
Income
A
The increase of economic benefits in the form of inflow or enhancement asset or the decrease in liabilities that causing an increase in equity
3
Q
Capital (equity)
A
The residual interest of assets after deducting all of its liabilities
