Concepts and definitions

The exercise was created 2023-10-04 by casperbailly. Question count: 9.

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  • assets items expected to bring the company future financial benefits, there may be in the form of short-term- or long-term assets
  • Equity is what has been invested by the owners. This represents the owner’s share of the assets
  • Liabilities consist of various financial obligations, they may be long-term or short-term as well
  • Cash receipts inflow of cash, arise at the time of payment
  • Cash payment outflow of cash, arise at the time of payment
  • Income the value of resources transferred, sale value at the moment of sale
  • Expenditure the value of resources acquired, the cost of resources acquired at the time of acquisition
  • Revenue the value of services performed or goods sold during a certain period of time
  • Expense the value of resources consumed during a certain period of time

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