00:02
Assets are, one, all the resources owned by the entity, two, equal to equity less liabilities, three, equal to equity plus liabilities, four, all the resources controlled by the entity.
00:16
Which one of the following options include all of the above statements that are true? a, one, and two, b, one, and three, c, three, and four, or d, one, two, and four.
00:29
As per the ifrs, an asset is the resource controlled by an entity because of past events and the entity expects to generate future benefits from such resource.
00:40
The accounting equation for this is assets equals liabilities plus shareholders equity.
00:45
This accounting equation is enough for us to understand that assets are the summation of equity and liabilities...