What is an asset, an expense, a liability, revenue and equity?

What is an asset, an expense, a liability, revenue and
equity?

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What is an asset, an expense, a liability, revenue and equity?..

Answer / matt acct

Asset: A resource controlled by the business as a result of
past events (usually transactions) from which future
economic benefits are expected to flow to the entity.

Expense: Decreases in economic benefits in the form of
outflows or depletions of assets or increases in
liabilities that result in a decrease in equity, other than
drawings from the owner.

Liability: A present obligation of the business as a result
of previous events (usually transactions) Which are
expected to result in an outflow of economic benefits when
settled in the future.

Revenue: Increases in economic benefits in the form of
inflows or enhancements of assets or deductions in
liabilities that result in an increase in equity, other
than owners contibution.

Equity: Is the residual interest in the assets of a
business after allowing for all its liabilities. Simply it
is assets less liabilities.

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What is an asset, an expense, a liability, revenue and equity?..

Answer / mbp

Plz never upload the wrong answers.

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What is an asset, an expense, a liability, revenue and equity?..

Answer / suryakant lokhande

Assets commonly divided into two parts,
1.Fixed Assets : Includes Land & Builing,Fixtures,Motor Vehicles etc
2.Current Assets : Plant & Machinery from which is the source of Revenue.

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