elements on the balance sheet assets liabilities

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Unformatted text preview: international accounting standards • €1.. Elements on the Balance Sheet: Assets = Liabilities + Owner's Equity • Assets: Economic resources that will provide future economic benefits to the company as a result of a past transaction or event. Listed in order of liquidity. o Ex. Cash, Accounts Receivable, Land, Building, Equipments, Intangible Assets • Liabilities: Probable debts or obligations (claims against company resources) as a result of a past transaction or event. Listed in order of maturity (when the debt is due) o Ex. Accounts Payable, Trade Payable, Taxes Payable, Unearned Revenues, Mortgages Payable...
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This note was uploaded on 01/22/2014 for the course ACG 2021 taught by Professor Linkovich during the Spring '08 term at University of South Florida - Tampa.

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