The FASB defined the following elements of financial statements: assets, liabilities, equity, revenues, gains, expenses, losses, investments
Question:
The FASB defined the following elements of financial statements: assets, liabilities, equity, revenues, gains, expenses, losses, investments by owners and distributions to owners. For each of the items below, indicate which element best describes it:
A. ——Cash B. ——Sales to customers during a period C. ——Cost of the goods sold to customers during a period D. ——Note payable to a bank E. ——Salaries earned by employees during a period F. ——Interest earned by a bank on loans it made during a period G. ——Dividends paid by a company to its shareholders during a period H. ——Accounts receivable I. ——Money received by the company from selling its stock to the public
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Introductory Accounting A Measurement Approach For Managers
ISBN: 9781138956216
1st Edition
Authors: Daniel P. Tinkelman
Question Posted: