Elements of Financial Accounting

Equity (or net assets)

Called shareholders' equity or stockholders equity for a corporation, it is the residual interest in the assets of an entity that remains after deducting its liabilities

Distributions to Owners

Decreases in equity of a particular enterprise resulting from transfers to owners

Gains

Increases in equity from peripheral or incidental transactions of an entity

Investments by Owners

Increases in equity of a particular business enterprise resulting from transfers to it from other entities of something of value to obtain or increase ownership interests in it.

Revenues

Inflows or other enhancements of assets of an entity or settlements of its liabilities during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations.

Expenses

Outflows or other using up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations.

Assets

Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events

Liabilities

Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions

Losses

Represent decreases in equity arising from peripheral or incidental transactions of an entity.

Comprehensive Income

The change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.