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October 16, 2009

What are the elements of financial statements?

The elements of financial statements are the classes of items contained in the financial statements. Examples of elements include assets, liabilities, equity or net assets, revenues, expenses, gains, and losses.

You can learn more about the elements by reading the FASB’s Statement of Financial Accounting Concepts No. 6, Elements of Financial Statements, at www.FASB.org.

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About the Author: Harold Averkamp (CPA) has worked as an accountant, consultant, and university accounting instructor for more than 25 years.

He is the author of the 2010 Master Accounting Download Package which has been praised for it's ability to simplify accounting in a way that anybody can understand.



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Comments

7 Responses to “What are the elements of financial statements?”

  1. Sheila on October 17th, 2009 1:03 pm

    Our company was recently acquired, we continue to operate seperately, when I wire cash to corporate what is the proper way to reflect this on the balance sheet since I do not want it to show as a receivable.

  2. kamran on October 19th, 2009 8:40 am

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  3. Yalena on October 22nd, 2009 8:45 pm

    Provide the definations of the financial statements and name examples.

  4. ibraahim on October 27th, 2009 11:12 am

    Providing of balance sheet and financial statement.

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