BUSI 2150U Lecture Notes - Lecture 2: Counterfeit Money, Accounts Receivable, Accounts Payable
Document Summary
It must be probable that the entity will enjoy the benefit. Future benefit means it will help the entity generate or save cash. Be controlled by the entity. (this means the entity has the right to use asset to make money. ) Be the result of a past transaction or event. Money received in advance for goods to be delivered in the future. The result of a past transaction or economic event. Require some kind of economic sacrifice to settle. Assets are economic resources that provide future benefits to an entity. Owner" equity is the investment owners have made in the equity.
