Financial statement elements have specific definitions. To the right, some important aspects of the definitions are listed.
Question:
Transcribed Image Text:
Elements of Financial Statements Important Aspect of the Definition of the Element A. Assets B. Liabilities C. Owners' equity/net assets D. Revenues 1. Using up of assets or incurrence 2. Probable future economic benefits 3. Enhancernent of assets or 4. Residual interest in assets after of liabilities obtained by an entity settlerments of liabilities deducting liabilities peripheral or incidental activities or incidental transactions of the entity transactions major or central operation EExpenses F. Gains G. Losses H. None of the above 5. Increases in net assets from 6. Changes in net assets from peripheral 7. Future sacrifices arising from past 8. Results from the entity's ongoing
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (14 reviews)
1 E or G if peri...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0071339476
Volume 1, 6th Edition
Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I
Question Posted:
Students also viewed these Accounting questions
-
Listed below are some financial statement classifications coded with letters and, below them, selected transactions and/ or account titles. Code Financial Statement Classification Statement of...
-
Match each element with its financial statement by entering the appropriate letter in the space provided. Element Financial Statement 1. Cash Flows from Financing Activities 2. Erpenses 3. Cash Flows...
-
Match the letters on the right with the numbers on the left to complete the mathematical statement about PDF properties. Assume that x is a normally distributed annual occurrence. 1. a. Standard...
-
Which of the following variable types can be used in a switch statement under some circumstances? (Choose three.) A. An enumerated type B. StringBuilder C. Byte D. Double E. var F. Exception.
-
Figure the 95% confidence interval (that is, the lower and upper confidence limits) for each part of problem 2. Assume that in each case the researcher's sample has a mean of 100 and that the...
-
Control charts on and s are to be maintained on the torque readings of a earing used in a wingflap actuator assembly. Samples of size n = 10 are to be used, and we know from past experience that when...
-
Distribution of Death Rate The DeathRate variable in the AllCountries dataset gives the death rate per 1000 people for all the countries in the world. Use technology to create a histogram for this...
-
Table gives hypothetical export price indexes and import price indexes (1990 100) for Japan, Canada, and Ireland. Compute the commodity terms of trade for each country for the period 19902006. Which...
-
Required: 1. Prepare and complete a worksheet. WOLKSTEIN DRUG COMPANY Worksheet December 31, 2024 Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet...
-
Suppose that computers use 2 units of capital for each worker, so that KC = 2 ¢ LC, whereas shoes use 0.5 units of capital for each worker, so that KS = 0.5 ¢ LS. There are 100 workers and...
-
In each of the following situations, identify the element or elements, if any, that would appear in financial statements. If no element is recognized, give the reason. 1. Unpaid electricity bill. 2....
-
For each of the following circumstances, give the letter item(s) indicating the accounting principle involved. Some letters may be used more than once, and some may not be used at all. A. Continuity...
-
Which economist believes all profits are linked with uncertainty and risk? a) Frank Knight b) Joseph Schumpeter c) Karl Marx d) John Maynard Keynes.
-
Two celestial bodies of masses \(m_{1}\) and \(m_{2}\) are orbiting their center of mass at a center-to-center distance of \(d\). Assume each body travels in a circular orbit about the center of mass...
-
Compare the gravitational force exerted by Earth on you with \((a)\) that exerted by a person standing \(1 \mathrm{~m}\) away from you and (b) that exerted by Earth on Pluto.
-
The current ratio is computed as: a. total assets divided by total liabilities. b. total assets divided by current liabilities. c. current assets divided by total liabilities. d. current assets...
-
A certain comet comes in on a parabolic approach around the Sun. Its perihelion is about the same distance from the Sun as the orbit of Mercury. How much faster than Mercury (expressed as a ratio) is...
-
Show that for circular orbits of two objects about their center of mass, \(E=\frac{1}{2} U=-K\). This is a special case of the more general mathematical statement known as the virial theorem.
-
Evaluate the integral. 5 6 dx
-
Place a tick in the appropriate grid to identify the balance that would be brought down in each of the following named accounts, in the books of Rizwy Mohamed: (a) In the Cash account: if Rizwy...
-
(L04) On which Schedule of Form 1040 does an individual limited partner in a partnership report ordinary business income from Schedule K-1? a. Schedule A c. Schedule D b. Schedule C d. Schedule E
-
What is the distinction between comparability and consistency?
-
What is the distinction between comparability and consistency?
-
What is the distinction between comparability and consistency?
-
1. Negative impact of blockchain technology on taxation in the accounting profession. 2.what are the factors that influence an organisations work practice and expectations of an accounting...
-
What do you think of modeling an entire culture on just six dimensions? Are there aspects of the culture that are not covered by these dimensions? What do you think of the mere concept of culture as...
-
A business organisation is a system. It consists of many subsystems, such as departments, divisions, process teams and other workgroups. Organisations are designed for the purpose of creating...
Study smarter with the SolutionInn App