Matching
Match each element with the appropriate statement by placing the appropriate letter in the space provided.
Premises:
Decrease in equity from peripheral or incidental transactions.
The owners' residual interest in a company's assets.
Inflows of assets or settlement of liabilities, or a combination of both, from the sale of goods or services.
Acquiring and selling investments; property, plant & equipment; and intangibles, as well as lending money and collecting on loans.
Probable future sacrifices of economic benefits arising from present obligations.
Outflows or other using up of assets or incurrence of liabilities, or a combination of both, in the sale of goods and services.
Cash flows from acquiring, selling, and delivering goods or from providing services.
Probable future economic benefits obtained as a result of past transactions or events.
Increases in equity from peripheral or incidental transactions.
Obtaining resources from owners and providing them with a return on, and of, their investment, as well as obtaining and repaying resources from long-term creditors.
Responses:
assets
liabilities
equity
revenues
expenses
gains
losses
operating cash flows
investing cash flows
financing cash flows
Correct Answer:
Premises:
Responses:
Decrease in equity from peripheral or incidental transactions.
The owners' residual interest in a company's assets.
Inflows of assets or settlement of liabilities, or a combination of both, from the sale of goods or services.
Acquiring and selling investments; property, plant & equipment; and intangibles, as well as lending money and collecting on loans.
Probable future sacrifices of economic benefits arising from present obligations.
Outflows or other using up of assets or incurrence of liabilities, or a combination of both, in the sale of goods and services.
Cash flows from acquiring, selling, and delivering goods or from providing services.
Probable future economic benefits obtained as a result of past transactions or events.
Increases in equity from peripheral or incidental transactions.
Obtaining resources from owners and providing them with a return on, and of, their investment, as well as obtaining and repaying resources from long-term creditors.
Premises:
Decrease in equity from peripheral or incidental transactions.
The owners' residual interest in a company's assets.
Inflows of assets or settlement of liabilities, or a combination of both, from the sale of goods or services.
Acquiring and selling investments; property, plant & equipment; and intangibles, as well as lending money and collecting on loans.
Probable future sacrifices of economic benefits arising from present obligations.
Outflows or other using up of assets or incurrence of liabilities, or a combination of both, in the sale of goods and services.
Cash flows from acquiring, selling, and delivering goods or from providing services.
Probable future economic benefits obtained as a result of past transactions or events.
Increases in equity from peripheral or incidental transactions.
Obtaining resources from owners and providing them with a return on, and of, their investment, as well as obtaining and repaying resources from long-term creditors.
Responses:
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