Intermediate Accounting 3 The Balance Sheet and Statement of Changes in Stockholders Equi Elements of the Balance sheet-Assets Assets Probable future Substance economic benefit over form obtained or controlled by a particular entity as a result of past transactions or events
Elements of the Balance Sheet — Assets Assets Probable future economic benefit obtained or controlled by a particular entity as a result of past transactions or events Substance over form. Intermediate Accounting 3 The Balance Sheet and Statement of Changes in Stockholders’ Equity
Intermediate Accounting 3 The Balance Sheet and Statement of Changes in Stockholders Equi Elements of the Balance sheet-Assets Assets may be natural or man-made tangible or intangible, and exchangeable or useful only in the companys activities
Elements of the Balance Sheet — Assets Assets may be natural or man-made, tangible or intangible, and exchangeable or useful only in the company’s activities. Intermediate Accounting 3 The Balance Sheet and Statement of Changes in Stockholders’ Equity
Elements of the Balance sheet Liabilities Obligation Liability Includes legal Probable future sacrifice of moral. soclal economical benefit arising and imp died from a present obligation commitments of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events
Elements of the Balance Sheet — Liabilities Liability Probable future sacrifice of economical benefit arising from a present obligation of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. “Obligation” includes legal, moral, social, and implied commitments. Intermediate Accounting 3 The Balance Sheet and Statement of Changes in Stockholders’ Equity
Elements of the Balance sheet Liabilities An obligation Liability to provide Probable future sacrifice services is a liability of economical benefit arising from a present obligation of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events
Elements of the Balance Sheet — Liabilities Liability Probable future sacrifice of economical benefit arising from a present obligation of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. An obligation to provide services is a liability. Intermediate Accounting 3 The Balance Sheet and Statement of Changes in Stockholders’ Equity
Intermediate Accounting 3 The Balance Sheet and Statement of Changes in Stockholders Equi Elements of the Balance sheet Stockholders Equity Equity is residual interest in the assets of a company that remain after deducting liabilities
Elements of the Balance Sheet — Stockholders’ Equity Equity is residual interest in the assets of a company that remain after deducting liabilities. Intermediate Accounting 3 The Balance Sheet and Statement of Changes in Stockholders’ Equity