Assets: present economic resource in control of the entity as a result of past event.
Liabilities: present obligation as a result of past events requiring transfer of economic resources.
Equity: excess of assets over liabilities of the entity (residual interest in assets less liabilities).
Income: increase in assets and reduction in liabilities.
Expenses: reduction in assets and increase in liabilities.
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Assets - Present Economic resource controlled by an entity as a result of past events
Liabilities- Present obligation as a result of past events that leads to a transfer of an economic resource
Equity - Residual interest in assets less liabilities
Income - Increase in assets and a reduction in liabilities
Expense - Reduction in assets and increase in liabilities
Liabilities: present obligation as a result of past events requiring transfer of economic resources.
Equity: excess of assets over liabilities of the entity (residual interest in assets less liabilities).
Income: increase in assets and reduction in liabilities.
Expenses: reduction in assets and increase in liabilities.
Liabilities- Present obligation as a result of past events that leads to a transfer of an economic resource
Equity - Residual interest in assets less liabilities
Income - Increase in assets and a reduction in liabilities
Expense - Reduction in assets and increase in liabilities