Expense
Definition Expenses are the decreases in economic benefits during the accounting period …
Elements
Income
Definition Income is increases in economic benefits during the accounting period in …
Equity
Definition Equity is the residual interest in the assets of the entity …
Recognition Criteria of Liabilities
Definition In order for a liability to be recognized in the financial …
Liabilities
Definition According to IASB Frmework liability is defined as follows: A liability …
Recognition Criteria of Assets
Definition In order for an asset to be recognized in the financial …
Elements of the financial Statements
Elements of the financial statements include Assets, Liabilities, Equity, Income & Expenses. …
