(1) Assets are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. (2) Liabilities are probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions (3) Equity is the residual interest in the assets of any entity that remains after deducting its liabilities (4) Investments by owners are increases in equity resulting from transfers of resources, usually cash, to a company in exchange for ownership interest (5) Distributions to owners are decreases in equity resulting from transfers to owners. (6) Revenues are inflows of assets or settlements of liabilities from delivering or producing goods, rendering services, or other activities that constitute the entity\\'s ongoing major or central operations (7) Expenses are outflows or other using up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or other activities that constitute the entity\\'s ongoing major or central operations. (8) Gains are defined as increases in equity from peripheral or incidental transactions of an entity. (9) Losses represent decreases in equity arising from peripheral or incidental transactions of an entity (10) Comprehensive income is defined as the change in equity of an entity during a period from nonowner transactions