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5 Cards in this Set
- Front
- Back
- 3rd side (hint)
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ASSET |
A resource controlled by the entity resulting from past events for which future an inflow of economic benefits are expected. |
Resource |
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LIABILITY |
A Present obligation of an entity arising from past events ,the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. |
Obligation |
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EQUITY |
The residual interest in the assets of the entity after deducting all it's liabilities. |
E= A-L |
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FUNDAMENTAL QUALITATIVE CHARACTERISTICS |
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CURRENT ASSET |
- expected to be realises within 12 months after the end of reporting period -holds asset for the purpose of trading - expected to realise asset in its normal operating cycle. -it is a cash or cash equivalent |
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