Still Mind Accountant
If you want to understand accounting better for your business, job, school, or just for yourself, you're in the right place. We sift through accounting standards and other resources to deliver the most important, simplified information you need. We skip the complex stuff and focus on what's essential. For the more intricate aspects, it's best to consult with professionals who can help you navigate and understand them.
Our aim is to make accounting simple, so you can use it without making misstatements in your financial reports and work. We welcome accountants to share their tips and join our community.
To get the most out of what you learn here, it helps to have a still mind. Visit this link to find out how to develop a still mind and become a super accountant.
Asset. An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.
Audit engagement. An audit engagement refers to the formal agreement between an auditor and a client to conduct an audit of the client's financial statements or other financial information
Disclosures. Disclosures refer to the additional information provided in financial statements beyond the basic numbers.
Equity. Equity is the residual interest in the assets of the entity after deducting all its liabilities.
Faithful representation. Faithful representation means representation of the substance of an economic phenomenon instead of representation of its legal form only.
Liability. A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.