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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. |
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
|
||
|---|---|---|---|---|
| (b) |
Existing debts and obligations from past transactions |
select an element
|
||
| (c) |
Resources owned by a business |
select an element
|
||
| (d) |
Goods or services used in the process of earning revenue |
select an element
|
||
| (e) |
A residual claim on total assets after deducting liabilities |
select an element
|
||
| (f) |
The capacity to provide future benefits to the business |
select an element
|
Expert Solution
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
|
||
|---|---|---|---|---|
| (b) |
Existing debts and obligations from past transactions |
select an element
|
||
| (c) |
Resources owned by a business |
select an element
|
||
| (d) |
Goods or services used in the process of earning revenue |
select an element
|
||
| (e) |
A residual claim on total assets after deducting liabilities |
select an element
|
||
| (f) |
The capacity to provide future benefits to the business |
select an element
|
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