Match each element with its definition. Element Definition 1. Gains.A. Outflows or other consumption of assets or

Question:

Match each element with its definition.
Element Definition
1. Gains…………………………….A. Outflows or other consumption of assets or incurrence’s of liabilities (or a combination of both) from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity’s ongoing major or central operations.
2. Comprehensive income…………. B. Inflows or other enhancements of an entity’s assets or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operations.
3. Losses…………………………… C. The change in equity of a business enterprise during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
4. Expenses……………………… D. Decreases in equity of a particular business enterprise resulting from transferring assets, rendering services, or incurring liabilities by the enterprise to owners. Distributions to owners decrease ownership interest (or equity) in an enterprise.
5. Revenues……………………… E. Increases in equity (net assets) from an entity’s peripheral or incidental transactions and from all other transactions and other events and circumstances affecting the entity except those that result from revenues or investments by owners.
6. Distributions to owners………F. Decreases in equity (net assets) from an entity’s peripheral or incidental transactions and from all other transactions and other events and circumstances affecting the entity except those that result from expenses or distributions to owners.
7. Investments by owners……… G. Increases in equity of a particular business enterprise resulting from transfers to it from other entities of something valuable to obtain or increase ownership interests (or equity) in it. Assets are most commonly received as investments by owners, but that which is received may also include services or satisfaction or conversion of liabilities of the enterprise.