1
Future obligation of the entity to others as a result of past transactions, the settlement of which may result in the transfer or use of assets and income is known as ?
2
Money spent, or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business
3
A method used by the organizations to communicate its financial information with those who need those information
4
A Non-Current Liability is
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The guidelines for financial accounting is known as
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A well known curent liability
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A non-current asstes is
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Resources controlled and owned 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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Example for Equity
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Amount that the owners have invested in the entity or value of resources invested on the business entity by the owners.
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Money that an individual or business receives in exchange for providing a good or service or through investing capital
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Acurrent asstet is
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An accounting entry that either increases a liability or equity account, or decreases an asset or expense account.
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An accounting entry that either increases an asset or expense account, or decreases a liability or equity account.
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A Type of Business Transaction
