Cards Return to Set Details

Term Asset
Definition Probable future economic benefits derived or controlled by a certain entity as an outcome of past events or transactions.

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Term Liability
Definition Probable future sacrifices of financial benefits due to existing responsibilities of a specific entity to move assets or to carry out solutions to various other entities in the future as a result of previous transactions or occasions.
Term Equity
Definition Residual interemainder in the assets of an entity that remains after deducting it"s liabilities.
Term Investments by Owners
Definition Increases in net assets of a certain enterpincrease resulting from transfers to it from other entities of something of worth to achieve or rise ownership interests in it.
Term Distributions to Owners
Definition Decreases in net assets of a particular enterpclimb resulting from transferring assets, rendering solutions, or incurring liabilities by the enterpclimb to owners. Distributions decrease ownership interests in an enterpincrease.
Term Comprehensive Income
Definition Change in equity (net assets) of an entity during a period from transactions and also various other events and also scenarios from non-owner sources.
Term Revenues
Definition Inflows or various other renovations of assets of an entity or settlement of its liabilities in the time of a period from carrying or developing items, rendering solutions, or various other activities that constitute the entities ongoing major or central operations.
Term Expenses
Definition Outflows or other making use of up of assets of an entity or incurrences of liabilities throughout a duration resulting from transferring or producing products, or providing services or anything else that constitutes the continuous significant or main operations.
Term Gains
Definition Increases in equity from peripheral or incidental transactions of an entity and from all various other occasions and also situations affecting the entity throughout a duration other than those that result from revenues or investments by owners.

See more: If Mutually Exclusive Projects With Normal Cash Flows Are Being Analyzed

Term Losses
Definition Decrease in equity from peripheral and also incidental transactions of an entity and also from all various other transactions and also various other events and also circumstances affecting the entity throughout a duration except those resulting from expenses and distributions to owners.