The options for all the questions are the same.

Question 1 (10 points] For each of the statements below, identify the element that best matches the statement. a) Income select answer Increases in economic benefits during the accounting period. b) Assets This could be settled by the provision of services in the future. Equity Expenses c) Income Liabilities d) select answer This will result in an increase to equity during the accounting period. This does not normally represent the market value of the company. e) select answer v This can include both realized and unrealized losses. f) select answer v This may result in the reduction of a future cash outflow. g) select answer v These can be both tangible and intangible. h) select answer v The owners' residual interest in the business. i) select answer Future economic benefits are expected to flow out of the entity. j) select answer v Decreases in economic benefits during the accounting period. For each of the statements below, identify the element that best matches the statement. a) Income b) select answer Increases in economic benefits during the accounting period. This could be settled by the provision of services in the future. | This will result in an increase to equity during the accounting period. c) Assets d) select answer v This does not normally represent the market value of the company. e) select answer This can include both realized and unrealized losses. f) select answer v This may result in the reduction of a future cash outflow. g) select answer These can be both tangible and intangible. h) select answer v The owners' residual interest in the business. i) select answer Future economic benefits are expected to flow out of the entity. j) select answer Decreases in economic benefits during the accounting period