That represents the excess of the amount received when the common Or other services within the coming year.Īdditional paid-in capital is the owner-provided financing to the business Long it takes to produce and sell the inventory.Ī liability is a probable future sacrifice of economic benefits of the entityĪrising from preset obligations as a result of a past transaction.Ī current liability is a liability that will be settled by providing cash, goods, Year inventory is always considered a current asset regardless of how They are interested in information to assist them in projecting future cash inflowsĪn asset is a probable future economic benefit owned or controlled by theĪ current asset is an asset that will be used or turned into cash within one Reasonable understanding of accounting concepts and procedures. Potential investors, lenders, and other creditors in making decisions about The primary objective of financial reporting for external users is to provideįinancial information about the reporting entity that is useful to existing and
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