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Financial Statement Elements a. Revenues b. Losses c. Gains d. Expenses e. Liabilities f. Assets g. Equity h. Investments by owners 1. Distributions to
Financial Statement Elements a. Revenues b. Losses c. Gains d. Expenses e. Liabilities f. Assets g. Equity h. Investments by owners 1. Distributions to owners. Aspect 1. Residual interest in assets after deducting liabilities. 2. Decreases ownership claims. 3. Present right to an economic benefit. 4. Using up of assets or incurrence of liabilities from delivery of goods/services. Equity Element 5. Enhancements of assets or settlements of liabilities from delivery of goods/services. 6. Decreases in net assets from transaction other than expenses or distributions to owners. 7. Present obligation of an entity to transfer economic benefit. Liabilities 8. Increases in net assets from transactions other than revenues or investments by owners. 9. Increases in net assets for an ownership interest. Distributions to owners 10. Decreases in net assets by transferring assets to entity owners. Distributions to owners + +
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