DRAFT

• Assets are resources controlled by an entity as a result of past events from which future economic benefits may be obtained or costs avoided.
• Equity is the residual interest in the assets of the enterprise after deducting all its liabilities.
• Liabilities are present obligations of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise's resources.
• Balance sheet presents information about what the business owns (assets) and owes (liabilities)
• Cash flow statement shows inflows and outflows of cash over a certain time period