Assets, Owners’ equity, Liabilities, Revenues, Expenses

Assets, Owner¡¯s Equity,

Liabilities, Revenues, Expenses

Atanas Atanasov,

University of Economics - Varna

Havings of

Company

Funds

Sources of

Funds

Accounting Objects:

Havings of

Company

Assets

Liabilities

Owner¡¯s

Equity

Basic Accounting Equation

Assets = Liabilities

Assets (A) = Liabilities (L) + Owner¡¯s Equity (OE)

Definition of Asset:

A resource:

? Controlled by an entity as a result of past events;

and

? from which future economic benefits are expected

to flow to the entity.

Future economic benefit The potential to contribute, directly or indirectly, to

the flow of cash and cash equivalents to the entity.

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