Statement

The amounted to 1 ,464 ,912 . Such element is portrayed in the published accounts prepared annually under the Balance Sheet

employed to generate income . The three main elements necessary to recognize an asset encompass the following

Right of ownership or access to assets use resulting from past transactions . This normally entails either purchase or contract signing for leases

Future economic benefits are expected from the utilization of the asset

It is controlled by the entity

Sheet , which delve Non-Current Assets and Current Assets . Non-Current Assets comprise resources held by the

business for continuing use , with the aim of providing future economic benefits that exceed the business cycle duration . Examples of non-current assets entail land and buildings , equipment and motor vehicles . Current Assets are also resources held with the intention of converting them into cash within the business cycle . These comprise inventory (raw materials work-in-progress , and /or finished goods , accounts receivable , prepaid expenditure and cash and cash equivalents

The financial statements encompass the following salient components

Income Statement - shows the profitability of the organization

Balance Sheet - portrays a picture at a particular debt of the balances of assets , liabilities , equity and reserves

Statement of changes in equity - outlines the movements in equity and reserves in a particular period

Cash flow statement - shows the cash generated or used in operating...