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#cfa-level-1 #reading-23-financial-reporting-mechanics
Accounts provide individual records of increases and decreases in a specific asset, liability, component of owners’ equity, revenue, or expense. The financial statements are constructed using these elements.
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3. ACCOUNTS AND FINANCIAL STATEMENTS
owners’ equity is the residual claim on those resources (assets); revenues are inflows of economic resources to the company; expenses are outflows of economic resources or increases in liabilities.2 <span>Accounts provide individual records of increases and decreases in a specific asset, liability, component of owners’ equity, revenue, or expense. The financial statements are constructed using these elements. <span><body><html>


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