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1.19 Summary of Revenues and Expenses

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VCE Accounting Unit 3. Video of this presentation can be found on my YouTube channel here https://www.youtube.com/channel/UCf5jyuJoYwie8tWfvjEc0zg.

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1.19 Summary of Revenues and Expenses

  1. 1. 1.19 SUMMARY OF REVENUES AND EXPENSES
  2. 2. Video of this presentation at… YouTube Channel for VCE Accounting
  3. 3. © Michael Allison. Author’s permission required for external use.  Summary of Revenues and Expenses… 1.19 SUMMARY OF REVENUES AND EXPENSES Inflow of economic benefits  Assets  Owner’s EquityRevenue Earned Outflow of economic benefits  Assets or  Liabilities  Owner’s EquityExpense Incurred Criteria #1 Criteria #2 Criteria #3 Inflow of economic benefits  Assets or  Liabilities  Owner’s Equity Outflow of economic benefits  Assets or  Liabilities  Owner’s Equity
  4. 4. © Michael Allison. Author’s permission required for external use. TASK In-class Homework Ex1.1 X Ex1.2 X

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