"Decreases in equity (net assets) from peripheral or incidental transactions of an entity and from all other transactions and other events and circumstances affecting the entity during a period except those that result from expenses or distributions to owners" defines

Question

Quizplus · Accepted Answer

The definition given describes losses, which result in a decrease in net assets. The other options, such as liabilities, expenses, and distributions to owners, do not encompass all transactions and events that can result in a decrease in net assets.

"Decreases in Equity (Net Assets) from Peripheral or Incidental Transactions