q2.4) Listed are elements of the financial statements discussed in this chapter.
ID: 2609130 • Letter: Q
Question
q2.4)
Listed are elements of the financial statements discussed in this chapter. Match each element with the descriptions (use each as many times as necessary) (Click the icon to view the elements.) Debts of the company Economic resources with future benefit Elements V Inflows of assets from delivering or producing goods or services | Things of value a company owns VThe residual interest in the assets of an entity that remains after deducting its liabilities | The difference between what the company has and what the company owes V The owners' interest in the company | outflows or using up of assets from delivering or producing goods and services 3 4 a. Assets b. Liabilities c. Shareholders' equity d. Revenues e. Expenses Costs that have no future value PrintDone 10. The amount the company owes | SalesExplanation / Answer
Debts of a company
Liabilities
Economic resources with future value
Assets
inflows of asset from delivering products or services
Revenue
Things of value a company owns
Assets
A residential interest in the assets of the entity that remains after deducting its liabilities
Shareholders equity
The difference between what company has and what company owes
Shareholders equity
The owners interest in the company
Shareholders equity
Outflows or using up of assets from delivering or producing goods and services
Expenses
Costs that have no future value
Expenses
The amount the company owes
Liabilities
Sales
Revenues
Debts of a company
Liabilities
Economic resources with future value
Assets
inflows of asset from delivering products or services
Revenue
Things of value a company owns
Assets
A residential interest in the assets of the entity that remains after deducting its liabilities
Shareholders equity
The difference between what company has and what company owes
Shareholders equity
The owners interest in the company
Shareholders equity
Outflows or using up of assets from delivering or producing goods and services
Expenses
Costs that have no future value
Expenses
The amount the company owes
Liabilities
Sales
Revenues
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