F.A. # 3

These are economic resources owned by the business.

• Assets
• Liabilities
• Owner's equity

Type of financial statement that measures the changes in financial position of the company.

• Statement of Comprehensive Income Statement
• Statement of Financial Position
• Cash Flow Statement
• STATEMENT OF CHANGES IN OWNER’S EQUITY 

These are economic obligations or payables of the business.

• Assets
• Liabilities
• Owner's equity

These are tangible assets used in the operation of the business, have useful life that exceeds beyond one year and are not intended for sale.

• Current Assets
• Non-current Assets

It is the value of cash and other assets contributed to the business by the owner of the business.

• Assets
• Liabilities
• Owner's equity

 Type of asset which can be reasonably converted to cash within a short period of time

• Current Assets
• Non-current Assets

Type of financial statement that measures the financial performance of the company.

• Statement of Comprehensive Income Statement
• Statement of Financial Position
• Cash Flow Statement
• STATEMENT OF CHANGES IN OWNER’S EQUITY 

These are are the data we record in the accounting books, they are also the economic activities of the firm

• Transactions
• Accounts
• Entities

These are debts which mature beyond one year from the balance sheet date

• Long-term liabilities
• Short-term liabilities

Type of financial statement that measures the financial position of the company at a given period.

• Statement of Comprehensive Income Statement
• Statement of Financial Position
• Cash Flow Statement
• STATEMENT OF CHANGES IN OWNER’S EQUITY