[...] provide individual records of increases and decreases in a specific asset, liability, component of owners’ equity, revenue, or expense.
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Accounts
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Open it 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 th
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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.
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