12. -are identification or brief
description of items that fall
to the same kind, class or
nature.
13.
14. -resources controlled by the business as a
result of past transactions and events and from
which future economic benefits are expected to
flow to the business.
15. refer to
by the company.
Example:
- Cash -Notes Receivable
- Accounts Receivable -Unused supplies
16. -are presented obligations of an entity
arising from past transactions or events, the
settlement of which is expected to result in an
outflow from the business of resources
embodying economic benefits.
19. -refers to the increase in economic benefits
during the accounting period in form of
inflows or enhancement of assets or decrease of
liabilities that result in increase in equity
20. -are decrease in economic benefits during
the accounting period in the form of outflows
or depletion of assets.
21. How can you classify
anything in your
household according
to its account types?
