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Unformatted text preview: g. Equals increase in net assets during the year, after adding distributions to owners and subtracting investments by owners. h. Arises from income statements activities that constitute the entitys ongoing major or central operations. i. Residual interest in the net assets of the enterprise. j. Increases asset through sale of products k. Decreases assets by purchasing the companys own stock. l. Changes in equity during the period, except those from investments by owners and distributions to owners. Elements: (f) Assets (b) Liabilities (i) Equity (c) Investment by owners (k)(d) Distribution to owners (l)(g)(e)(c) Comprehensive income (j)(h) Revenue (h) Expenses (a) Gain (a) Losses...
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- Spring '10