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Chapter 2 e2 5 elements of financial statements ten

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Chapter 2 E2-5 - Elements of Financial StatementsTen interrelated elements that are most directly related to measuring the performance andfinancial status of an enterprise are provided below.AssetsInvestments by ownersDistributions to ownersGainsExpensesEquityLiabilitiesRevenuesComprehensive incomeLossesInstructions(a) Arises from peripheral or incidental transactions...............Gains, Losses(b) Obligation to transfer resources arising from a past transaction……….. Liabilities(c) Increases ownership interest..........Comprehensive income, Investments by owners……… (and possiblyRevenues, Gains)(d) Declares and pays cash dividends to owners………. Distributions to owners……… (net effect is to reduce equity and assets)(e) Increases in net assets in a period from non-owner sources.…….. Comprehensive income…….. (and possiblyRevenues and Gains)(f) Items characterized by service potential or future economic benefit………Assets(g) Equals increase in assets less liabilities during the year, after adding distributions to ownersand subtracting investments by owners.………Comprehensive income
ACCT 550 WEEK 1 HOMEWORK4(h) Arises from income statement activities that constitute the entity’s ongoing major or centraloperations.……… Revenues, Expenses(i) Residual interest in the assets of the enterprise after deducting its liabilities……. Equity

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Term
Spring
Professor
Cavendar
Tags
Accounting, Balance Sheet, Depreciation, Income Statement, Revenue, Generally Accepted Accounting Principles

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