In this article we will discuss about Gains and Losses:- 1. Meaning of Gains and Losses 2. Features of Gains and Losses 3. Recognition. Meaning of Gains and Losses: Gains are defined as increase in net assets other than from revenues or from changes in capital. Gains are increases in equity (net assets) from peripheral […]
Gains and Losses: Meaning, Features and Its Recognition
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Expenses: Meaning, Categories and Its Recognition
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In this article we will discuss about Expenses:- 1. Meaning of Expenses 2. Categories of Expenses 3. Recognition. Meaning of Expenses: Expenses are the monetary amount of resources used up or expended by an entity during a period of time to earn revenues. Expenses are essentially cost incurred in the process of earning revenues through […]
Assets: Definition, Characteristics and Objectives
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In this article we will discuss about Assets:- 1. Definition of Assets 2. Characteristics of Assets 3. Objectives of Valuation 4. Types. Definition of Assets: Financial accounting has basic elements like assets, liabilities, owners’ equity, revenue, expenses and net income (or net loss) which are related to the economic resources, economic obligations, residual interest and […]