The Most Oddly Satisfying Video
The Most Oddly Satisfying Video
The Most Oddly Satisfying Video
So we know when we bring something into the accounts it meets the definition. One
is probable and one is a reliable measure. But what about this
definition thing then. So let's have a look at this. Definition of an asset.
Keywords - it must be controlled. Notice that's not own, faithful representation
it must be controlled by the enterprise as a result of a past event, OK, so as a
result of a past event and that you've got future benefits expected. And there
are three things that you remember from the definition of an asset.
Definition of a liability then is: You must have an obligation at the moment so
a present obligation. That obligation could be legal or it also
could be just something is expected of you. So again this present obligation must come
from a past event and that there must be an outflow expected, probable outflow
isn't it, so an outflow expected to happen.
Equity is basically assets minus liabilities. Onto income. Income is an
increase in assets so when assets goes up you've got an
increase or it's a decrease in liabilities. And similarly an expense is
a decrease in your assets or an increase in your liabilities. So can you see that
we're taking a balance sheet perspective here because we're defining the assets
in the liability first and then the definition of income and expense comes
from that.
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