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Elements of financial statements
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Total cards: 5•Content version: v3•Public deck•Updated: 8/1/2026
Card preview (5)
#1
Front (Question)
Define assets
Back (Answer)
Resources a business owns or controls that are expected to provide future benefits
#2
Front (Question)
Define liabilities
Back (Answer)
Obligations owed by a business to others that are expected to be settled in the future
#3
Front (Question)
Define equity
Back (Answer)
claim by the owners on the net assets of a business
#4
Front (Question)
Define income
Back (Answer)
Amounts earned from the activities of a business
#5
Front (Question)
Define expenses
Back (Answer)
Costs incurred to earn income in the same accounting period