Balance Sheet

What Are Recognition criteria of liabilities in balance sheet?

Balance Sheet, Financial Statements

Definition: Liabilities are the present obligation of the entity in the form of legally enforceable and result from past events. Liabilities will have future economic outflow from an entity. Those liabilities including account payable, salary payable, noted payable, accrual liabilities, short term loan, and long term loan. If the entity financial statements are prepared according […]

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What are the Recognition Criteria for Assets in the Balance Sheet?

Balance Sheet

Definition: Assets are resources that control by the entity and those resources are expected to have an economic inflow into the entity in the future. Those assets included cash, account receivables, care, computer equipment, land, building, and other resources the entity controls. The balance sheet is one of five financial statements that report the entity’s

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