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.
Comments
7 Responses to “What are the elements of financial statements?”
Leave a Reply
 | Free updates with your feed reader (or) receive our monthly Q&A newsletter by filling out the form below: |
Accounting Cheat Sheet
Receive our popular 15-page Cheat Sheet at no cost when
you join our free newsletter:
|
We keep your email address 100% safe and secure.
Most Recent Questions
- What is the meaning of sundry and sundry debtors?
- If an accrual adjusting entry increases an expense and a liability, how does the balance sheet remain in balance?
- What is the difference between liquidity and liquidation?
- What is the meaning of pro rata?
- What is the difference between financial accounting and management accounting?
- What is the difference between accounts payable and accounts receivable?
- In a bank reconciliation, what happens to the outstanding checks of the previous month?
Questions by Category
- Debits and Credits
- Depreciation
- Financial Accounting
- Financial Ratios
- Improving Profits
- Income Statement
- Inventory and Cost of Goods Sold
- Lower of Cost or Market
- Manufacturing Overhead
- Nonmanufacturing Overhead
- Payroll Accounting
- Present Value of a Single Amount
- Present Value of an Ordinary Annuity
- Standard Costing
- Stockholders' Equity
Why AccountingCoach.com?
AccountingCoach.com is designed to help people without an accounting background easily understand accounting concepts at no cost.
By investing thousands of hours, we have created clear and concise accounting information for both business people and students of all ages.
Read 1,200+ Visitor Testimonials
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.
wopnderful and informative site.u r realy i great professoer
Provide the definations of the financial statements and name examples.
Providing of balance sheet and financial statement.
wonderfull site. i can have everything about finance and accounting here. By adding of various example, it can be more informative.
Dear sir/madam,
I want to thank U for furnishing me with recent accounting and business information.I sincerely appreciated it so much and ask that U continue to be in touch.
Dear Sir,
I am very thakfull for such a wonderful site i think i can learn from it n would likely needmore of these to help build up.