Elements of financial statements

Cards (5)

  • Assets
    Resources a business owns or controls that are expected to provide future benefits
  • Liabilities
    Obligations owed by a business to others that are expected to be settled in the future
  • Equity
    Claim by the owner(s) on the net assets of a business
  • Income
    Amounts earned from the activities of a business
  • Expenses
    Costs incurred to earn income in the same accounting period