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The accounting equation is the mathematical structure of the balance sheet.

ASSET
Asset in financial accounting is an economics resource, anything tangiable or intangiable that
can be owned or controlled to produce economics value, and that is held by company to produce
pisitive economic value

simply state, asset represent value of ownership that can be convert in to cash (although cash itself is
also considered an asset

but the one of the most widely accepted accounting definitions of asset is the one used by the
INTERNATIONAL ACCOUNTING STANDARD BOARD, the following is a quotation from the IFRS
framework, an asset is a resoces controlled by the enterpirse as a result of past events, and from wich
future economic benefits are expected to flow to the enterprise.

LIABILITY
In financial accounting, a liability is defined as the future sacrifices of economic benefits that the
entity is obliged to make to other entities as a result of past transactions or other past events,[1] the
settlement of which may result in the transfer or use of assets, provision of services or other yielding
of economic benefits in the future.
The accounting equation relates assets, liabilities, and owner's equity:
ASSETS= LIABILITIES+OWNERS EQUITY
LIABILITIES= ASSET-OWNERS EQUITY

Probably the most accepted accounting definition of liability is the one used by the International
Accounting Standards Board (IASB). The following is a quotation from IFRS Framework:
A liability is a present obligation of the enterprise arising from past events, the settlement of which is
expected to result in an outflow from the enterprise of resources embodying economic benefits

F.49(b)
EQUITY
Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and
consultant for more than 25 years,
Equity is used in accounting in several ways. Often the word equity is used when referring to an
ownership interest in a business. Examples include stockholders' equity or owner's equity.

Occasionally, equity is used to mean the combination of liabilities and owner's equity. For example,
some restate the basic accounting equation Assets = Liabilities + Owner's Equity to become Assets
= Equities.

Equity is also used to indicate an owner's interest in a personal asset. The owner of a $200,000
house that has an $80,000 mortgage loan is said to have $120,000 of equity in the house.

Outside of accounting, the word equity is also used to indicate fairness or justice.

Modal adalah kewajiban perusahaan terhadap pemilik perusahaan berupa modal yang di setor
di tambahkan dengan Laba usaha atau dikurangi kerugian usaha.

REVENUE
FROM IFRS
IAS 18 addresses when to recognise and how to measure revenue. Revenue is the
gross inflow of economic benefits during the period arising from the course of the
ordinary activities of an entity when those inflows result in increases in equity, other
than increases relating to contributions from equity participants. IAS 18 applies to
accounting for revenue arising from the following transactions and events:

the sale of goods;


the rendering of services; and
the use by others of entity assets yielding interest, royalties and dividends.

Revenue is recognised when it is probable that future economic benefits will flow to the
entity and those benefits can be measured reliably. IAS 18 identifies the circumstances
in which those criteria will be met and, therefore, revenue will be recognised. It also
provides practical guidance on the application of the criteria. Revenue is measured at
the fair value of the consideration received or receivable.
FROM WIKIPEDIA, In accounting, revenue is the income that a business has from its normal
business activities, usually from the sale of goods and services to customers
EXPENSE

The International Accounting Standards Board defines expenses as


...decreases in economic benefits during the accounting period in the form of outflows or
depletions of assets or incurrences of liabilities that result in decreases in equity, other
than those relating to distributions to equity participants.[1]

WIKIPEDIA
In common usage, an expense or expenditure is an outflow of money to another person or
group to pay for an item or service, or for a category of costs.
It is an outflow of cash or other valuable assets from a person or company to another person or
company. This outflow of cash is generally one side of a trade for products or services that have
equal or better current or future value to the buyer than to the seller. Technically, an expense is
an event in which an asset is used up or a liability is incurred. In terms of the accounting
equation, expenses reduce owners' equity