Elements of the financial statements – ACCA Financial Reporting (FR)
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hello tutor,
can i use the same lectures for June 2023 exams?
Are this lectures and notes updates for the September 20 exams
Yes.
https://opentuition.com/topic/lectures-51/
how do download the videos.. please I need help on that
I know it’s a bit late to reply now, but still. You cannot download from the website to my knowledge.
internet download manager
in the definition of assets is it right to add that from which future economic benefits are expected to flow to the entity
i.e. an asset is a present economic resource that an entity controls as a result of a past event from which future economic benefits are expected to flow to the entity
chinelson72
Perhaps this is a better way to explain.
“An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.”
Hi
Could you please explain a bit more Equity? If this is a residual interest on assets and liabilities, how this works in a practice, thush assets minus liabilities equals zero.. thank you in advance
It’s purely what you own minus what you owe. If you’ve £100 in the bank but owe a friend £10, your equity is £90.
“Residual interest in assets less liabilities” It’s not like you wrote “a residual interest on assets and liabilities”
Assets=Liabilities+Equity. Therefore Owner’s Equity=Assets-Liabilities. The residual interests in the assets that remain after deducting liabilities.