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Elements of Financial Statement

This topic has 3 replies, 2 voices, and was last updated 3 years ago by John Moffat.

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October 23, 2021 at 7:55 am #638839
James124
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Income is effected by increase in asset or decrease in liability. Tutor please help.
October 23, 2021 at 10:24 am #638875
John Moffat
Keymaster
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I really don’\t know why you are asking me this.
What help is it that you need?
October 23, 2021 at 10:26 am #638878
James124
Participant
- Topics: 166
- Replies: 138
Can you please give example of both situation?
Income due to increase in asset
Income due to decrease in liability
October 23, 2021 at 10:35 am #638882
John Moffat
Keymaster
- Topics: 57
- Replies: 54724
Income is not due to an increase in an asset or a decrease in a liability.
Income will result in an increase in an asset or a decrease in a liability and this is all explained in my free lectures.
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