Balance Sheet

What Are Recognition criteria of liabilities in balance sheet?

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 …

What Are Recognition criteria of liabilities in balance sheet? Read More »

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

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

What are the Recognition Criteria of Assets in the Balance Sheet? Read More »