Financial Statement Elements
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15 terms
Terms | Definitions |
|---|---|
 Revenues | Inflows from providing goods/services in exchange for an asset. |
| Revenues | This is the amount a customer is expected to pay for goods/services they received. |
| Revenues | Occurs when the good/service is provided to customer regardless of whether customer is paid or not. |
| Investments by Owners | Transfer of resources to the company in exchange for ownership. |
| Equity | Residual interest in the assets after deducting liabilities. |
| Equity | From 2 sources: (1) Paid-in-Capital and (2) Retained Earnnings. |
| Liabilities | The company's debts & obligations. |
| Liabilities | What a company owes. |
| Liabilities | Probably sacrifice of a future economic benefit. |
| Liabilities | Present obligation to transfer assets or provide services. |
| Assets and Liabilities | Results from a past transaction; something that has occurred. |
| Asset | The company's economic resources to operate. |
| Asset | What a company has. |
| Assets | Probably future economic benefit. |
| Assets | These are owned/controlled by a company. |
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