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Homework answers / question archive / Here are the basic elements of financial statements that we learned about in earlier chapters:   1

Here are the basic elements of financial statements that we learned about in earlier chapters:   1

Accounting

Here are the basic elements of financial statements that we learned about in earlier chapters:
 

1.

   Assets  

4.

   Revenues

2.

   Liabilities  

5.

   Expenses

3.

   Equity        


Each statement that follows is an important aspect of an element’s definition. Match the elements with the definitions. Note: Each element may be used more than once or not at all.
 

(a)  

Increases in assets or decreases in liabilities resulting from the main profit-generating activities of the business

   select an element

Entry field with correct answer
(b)  

Existing debts and obligations from past transactions

   select an element

Entry field with correct answer
(c)  

Resources owned by a business

   select an element

Entry field with correct answer
(d)  

Goods or services used in the process of earning revenue

   select an element

Entry field with correct answer
(e)  

A residual claim on total assets after deducting liabilities

   select an element

Entry field with correct answer
(f)  

The capacity to provide future benefits to the business

   select an element

Entry field with correct answer

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ans.

Here are the basic elements of financial statements that we learned about in earlier chapters:
 

1.

   Assets  

4.

   Revenues

2.

   Liabilities  

5.

   Expenses

3.

   Equity        


Each statement that follows is an important aspect of an element’s definition. Match the elements with the definitions. Note: Each element may be used more than once or not at all.
 

(a)  

Increases in assets or decreases in liabilities resulting from the main profit-generating activities of the business

   select an element

Entry field with correct answer
(b)  

Existing debts and obligations from past transactions

   select an element

Entry field with correct answer
(c)  

Resources owned by a business

   select an element

Entry field with correct answer
(d)  

Goods or services used in the process of earning revenue

   select an element

Entry field with correct answer
(e)  

A residual claim on total assets after deducting liabilities

   select an element

Entry field with correct answer
(f)  

The capacity to provide future benefits to the business

   select an element

Entry field with correct answer

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