Recognition and derecognition – ACCA SBR

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1. jiteshmishra says

   January 4, 2021 at 5:35 am

   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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2. asanyo says

   October 14, 2019 at 7:43 am

   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

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