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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.
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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