Solved

Match Each Element with the Appropriate Statement by Placing the Appropriate

Question 83

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:

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.
Related Questions

Q77: The joint IASB/FASB qualitative characteristics Exposure Draft

Q78: The IASB and FASB joint boards feel

Q79: Certain elements of the financial statements are

Q80: Part of the hierarchy of qualitative

Q81: The IASB/FASB tentative joint conceptual framework includes

Q82: The CFA's Comprehensive Business Reporting Model Subcommittee

Q84: Match each item in the list with

Q85: Indicate which item (or items) on the

Q86: Match each characteristic with the appropriate phrase

Q87: Match each objective with the appropriate statement

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents