Elements of Financial Statements

Gains

Increase in equity from peripheral or incidental transactions of an entity.

Revenues

Inflows or other enhancements of assets of an entity or settlements of its liabilities during a period from delivering or producing goods or services. Inflow of an asset from providing a good or service.

Expenses

Outflows or other using up of assets or getting liabilities from delivering a good or service. Outflow of an asset related to the production of revenue.

Assets

Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. An item owned by the company representing probable future benefits

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 a past transaction. Obligations to transfer cash or other resources as a result of a past transaction.

Comprehensive Income

The change in equity of a business during a period from transactions and other events and circumstances from non owners sources. Increase in equity during a period from non-owner transactions.

Equity

The residual interest in the asset of an entity that remains after deducting liabilities. The owners residual interest in the asset of a company.

Investment By Owners

increase in equity of a particular business enterprise resulting from transfers to it from other entities of something of value to obtain or increase ownership interest in it. Owners contribution of cash to a corporation in exchange for stock.

Losses

represent decrease in equity arising from peripheral or incidental transactions of an entity.

Distribution to Owners

Decrease in equity of a particular enterprise resulting from transfers to owners.