For each of the items listed below, identify the appropriate financial statement

Question

For each of the items listed below, identify the appropriate financial statement element. Item Element 1. Obligation to transfer cash or other resources as a result of a past transaction. 2. Dividends paid by a corporation to its shareholders 3. Inflow of an asset from providing a good or service. 4. The financial position of a company. 5. Increase in equity during a period from nonowner transactions. 6. Increase in equity from peripheral or incidental transaction. 7. Sale of an asset used in the operations of a business for less than the asset's book value 8. The owners' residual interest in the assets of a company 9. An item owned by the company representing probable future benefits. 10. Revenues plus gains less expenses and losses. 11. An owner's contribution of cash to a corporation in exchange for ownership shares of stock. 12. Outflow of an asset related to the production of revenue.

Explanation / Answer

1 Obligation to transfer cash or other resources as a result of a past transaction. Liability 2 Dividends paid by a corporation to its shareholders. Distribution to owners 3 Inflow of an asset from providing a good or service. Revenue 4 The financial position of a company. Assets, liabilities and equity 5 Increase in equity during a period from nonowner transactions. Comprehensive income 6 Increase in equity from peripheral or incidental transaction. Gain 7 Sale of an asset used in the operations of a business for less than the asset's book value. Loss 8 The owners' residual interest in the assets of a company. Equity 9 An item owned by the company representing probable future benefits. Asset 10 Revenues plus gains less expenses and losses. Net income 11 An owner's contribution of cash to a corporation in exchange for ownership shares of stock. Investment by owner 12 Outflow of an asset related to the production of revenue. Expense

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