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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
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