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Principles of accounts
Elements of financial statements
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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