Basic Accounting Defenitions.

Front 1

Probable future benefits obtained or controlled by a particular entity as a result of past transactions.

Back 1

Assets

Front 2

Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions.

Back 2

Liabilities

Front 3

Residual interest in the assets of an entity that remains after deducting its liabilities.

Back 3

Equity

Front 4

Increases in net assets of a particular enterprise resulting from transfers to it from other entities of something of value to obtain or increase ownership interests in it.

Back 4

Investment by owners.

Front 5

Decreases in net assets of a particular enterprise resulting from transferring assets, rendering services, or incurring liabilities by the enterprise to owners.

Back 5

Distributions to owners.

Front 6

Change in equity of an entity during a period from transactions and other events and circumstances from nonowner sources. Includes all changes except those resulting from investments by owners and distributions to owners.

Back 6

Comprehensive income

Front 7

inflows or other enhancements of assets of an entity or settlement of its liabilities during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major ops.

Back 7

revenues

Front 8

outflows or other using up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major ops.

Back 8

expenses

Front 9

increases in equity from peripheral or incidental transactions of an entity and from all other transactions and other events and circumstances affecting the entity during a period except those that result from revenues oor investments from owners.

Back 9

gains

Front 10

decreases in equity from peripheral or incidental transactions of an entity and from all other transactions andother events and circumstances affecting the entity during a period except those that result from expenses or distributuons to owners.

Back 10

losses

Front 11

Probable future benefits obtained or controlled by a particular entity as a result of past transactions.

Back 11

Assets

Front 12

Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions.

Back 12

Liabilities

Front 13

Residual interest in the assets of an entity that remains after deducting its liabilities.

Back 13

Equity

Front 14

Increases in net assets of a particular enterprise resulting from transfers to it from other entities of something of value to obtain or increase ownership interests in it.

Back 14

Investment by owners.

Front 15

Decreases in net assets of a particular enterprise resulting from transferring assets, rendering services, or incurring liabilities by the enterprise to owners.

Back 15

Distributions to owners.

Front 16

the par or stated value of the shares issued

Back 16

capital stock

Front 17

the excess of amounts paid in over the par or stated value

Back 17

APIC

Front 18

the corp. undistributed earnings

Back 18

retained earnings

Front 19

material events that have an uncertain outcome

Back 19

contingencies

Front 20

explanations of the valuation methods used or the basic assumptions made concerning inventory valuations, depr. methods, investments in subsidiaries, ect.

Back 20

accounting policies

Front 21

explanations of certain restrictions or covenants attached to specific assets or more likely to liabilities

Back 21

contractual situations

Front 22

disclosures of fair values particularly for financial instruement

Back 22

fair values