Financial Statements

What is asset? Definition, Explanation, Types, Classification, Formula, and Measurement

Definition: The definition of assets refers to the resource controlled by the entity as a result of past events and expected to have future economic benefits inflow to the entity. This is what Conceptual Framework said. The company’s assets, under the Conceptual Framework, could be range from tangible to intangible and from current assets to non-current assets. …

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3 Main Purposes of Financial Statements (Explained)

Overview: Financial statements are the reports of the entity’s financial transactions and events, and they are prepared and used for many different purposes. In general, there are five types of financial statements, and those statements contain five elements on these statements. These statements and elements are prepared and presented for their own different purposes and …

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