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3 Cards in this Set
- Front
- Back
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Asset |
An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity |
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Liability (conceptual framework) |
A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in outflow of resources embodying the economic benefits from the entity |
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A |
A |
