Listed are elements of the financial statements discussed in this chapter. Match each element with the descriptions (use each as many times as necessary).
a. Assets
b. Liabilities
c. Shareholders’ equity
d. Revenues
e. Expenses
1. _________ Debts of the company
2. _________ Economic resources with future benefit
3. _________ Inflows of assets from delivering or producing goods or services
4. _________ Things of value a company owns
5. _________ The residual interest in the assets of an entity that remains after deducting its liabilities
6. _________ The difference between what the company has and what the company owes
7. _________ The owners’ interest in the company
8. _________ Outflows or using up of assets from delivering or producing goods and services
9. _________ Costs that have no future value
10. _________ The amount the company owes
11. _________ Sales