BE $1-2$ Financial statement elements LO$1-7$

For each of the following items, identify the appropriate financial statement element or elements:

$1.$ Present obligation of an entity to transfer an economic benefit

$2.$ Present right of an entity to an economic benefit

$3.$ Inflows of assets from delivering goods and services

$4.$ Decrease in equity other than expenses or distributions to owners

BE $1-3$ Basic assumptions and principles LO$1-7$ through LO$1-9$

Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement.

$1.$ SiriusXM Radio Inc. files its annual and quarterly financial statements with the SEC.

$2.$ The president of Applebee's International, Inc., travels on the corporate jet for business purposes only and does not use the jet for personal use.

$3.$ Jackson Manufacturing does not recognize revenue for unshipped merchandise even though the merchandise has been manufactured according to customer specifications.

$4.$ Lady Jane Cosmetics depreciates the cost of equipment over their useful lives.