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.