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