Match the letter of each element with the appropriate definition.
-Inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both)from delivering or producing goods,rendering services,or engaging in other activities that constitute the entity's ongoing major or central operations.
A)Assets
B)Liabilities
C)Equity
D)Investments by owners
E)Distribution to owners
F)Comprehensive income
G)Revenues
H)Expenses
I)Gains
J)Losses

Question

Quizplus · Accepted Answer

Revenues are inflows or other enhancements of assets of an entity from delivering or producing goods or services.

Answer: H
 Expenses are outflows or other using-up of assets or incurrences of liabilities from delivering or producing goods or services.

Answer: F
 Comprehensive income is the change in equity of an entity during a period from transactions and other events and circumstances from non-owner sources, includes all changes in equity during a period except those resulting from investments by owners and distribution to owners.

Note: The remaining answer choices (A, B, C, D, I, J) relate to specific accounts or transactions within financial statements but do not match the definition provided.

Match the Letter of Each Element with the Appropriate Definition