07_Finanical_Statements_I - 07 Elements & Articulation...

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Click to edit Master subtitle style 6/5/11 Elements & Articulation of Financial Statements – Accountancy 301 Professor Clifton Brown 07 September 15, 2010
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Phenomena and attributes Risks  Economic  Resources Company Organizatio Processes Economic  Performanc e Corporate  Responsibil ity Economic  Obligations
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Phenomenal attributes   Economic  Obligations Liabilities  Owners’  Equity Assets
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6/5/11 Assets – probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Liabilities – probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. Owners’ equity (net assets) – the residual interest in assets of an entity that remains after deducting its liablilities.
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07_Finanical_Statements_I - 07 Elements & Articulation...

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