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vi)Intangibles
(2)
(3)
(4)
(5)
(6)
(7)
(8)
4) Income (Revenue)
Income is measured every period and is ultimately
included in the capital account.
Results from sales and the delivery of services
Can result in increases to assets accounts or decreases in
liability accounts
Represents the inflow of cash or other assets from clients
and customers for service rendered or merchandise sold
The total amount of money received by the company for
the goods sold or services provided during a certain time
period
Income is accounted for under the accruals principal
whereby it is recognized for the whole accounting period
in full, irrespective of whether payments have been
received or not.
Revenues include all inflows to an entity that increase the
capital or net assets of the entity, such as:
o Government payment for outputs
o Contributions such as grants or gifts to the entity,
including resources received free of charge
o User charges
o Interest
o Other revenue (ex: from sales of inventory or other
assets)
II.
Chart of Accounts
Asset Accounts
Liability Accounts
file:///C:/Users/WINDOWS7/Documents/College
%202/2nd%20Sem/IS%20204/57751284-5-Elements-ofAccounting.pdf
http://www.cliffsnotes.com/moresubjects/accounting/accounting-principles-i/principlesof-accounting/the-accounting-equation
http://www.accountingverse.com/accountingbasics/elements-of-accounting.html
http://quizlet.com/40187605/5-elements-of-accountingequation-flash-cards/original
http://smallbusiness.chron.com/basic-elementsaccounting-55911.html
http://www.cliffsnotes.com/moresubjects/accounting/accounting-principlesi/adjustments-and-financial-statements/depreciation
http://accountinator.com/2012/05/assets-vs-expenses/