Assertions!!!!!

Guys,
incase you were getting confused like i was, some definitions for the fiancial statements elements

“Instead of leaving us up to our own devices to talk about the components of the financial statements in terms like revenue, expenses, assets, and liabilities, (Heaven forbid that accountants can understand the terminology used by the AICPA!) the AICPA divides the components of the financial statements into three pieces using the following terminology:
•Classes of transactions, which are in essence income statement and cash flow statement components (revenue, expenses, cash flows)
•Account balances, which are balance sheet items (assets, liabilities, and equity or fund balance)
•Disclosures, which are, in essence, the notes to the financial statements
“