Question
I can't seem to get past this particular question on my accounting homework, any help would be extremely appreciated. Thank you! The following questions are
I can't seem to get past this particular question on my accounting homework, any help would be extremely appreciated. Thank you!
The following questions are the ones that I cannot figure out, they are c,g, h, i, k and l.
Exercise 2-5
Your answer is partially correct. Try again. | |
Identify the element or elements associated with these items.
Items | The element | |||
(a) | Arises from peripheral or incidental transactions. | Distributions to OwnersComprehensive IncomeExpensesGainsInvestments by OwnersAssetsRevenues, ExpensesLossesGains, LossesLiabilitiesEquityRevenuesInvestments by Owners, Comprehensive Income | ||
(b) | Obligation to transfer resources arising from a past transaction. | AssetsInvestments by OwnersExpensesDistributions to OwnersGainsInvestments by Owners, Comprehensive IncomeGains, LossesRevenues, ExpensesEquityRevenuesLossesLiabilitiesComprehensive Income | ||
(c) | Increases ownership interest. | RevenuesLossesDistributions to OwnersInvestments by Owners, Comprehensive IncomeInvestments by OwnersExpensesComprehensive IncomeGains, LossesLiabilitiesEquityAssetsGainsRevenues, Expenses | ||
(d) | Declares and pays cash dividends to owners. | Revenues, ExpensesGains, LossesInvestments by OwnersDistributions to OwnersLiabilitiesComprehensive IncomeAssetsEquityInvestments by Owners, Comprehensive IncomeExpensesGainsRevenuesLosses | ||
(e) | Increases in net assets in a period from nonowner sources. | Gains, LossesLossesInvestments by Owners, Comprehensive IncomeEquityDistributions to OwnersGainsRevenues, ExpensesRevenuesInvestments by OwnersExpensesLiabilitiesComprehensive IncomeAssets | ||
(f) | Items characterized by service potential or future economic benefit. | ExpensesInvestments by Owners, Comprehensive IncomeDistributions to OwnersGainsLossesGains, LossesComprehensive IncomeLiabilitiesAssetsRevenues, ExpensesEquityRevenuesInvestments by Owners | ||
(g) | Equals increase in assets less liabilities during the year, after adding distributions to owners and subtracting investments by owners. | EquityExpensesComprehensive IncomeRevenuesInvestments by Owners, Comprehensive IncomeDistributions to OwnersGainsRevenues, ExpensesInvestments by OwnersLossesAssetsGains, LossesLiabilities | ||
(h) | Arises from income statement activities that constitute the entitys ongoing major or central operations. | LiabilitiesRevenues, ExpensesInvestments by Owners, Comprehensive IncomeDistributions to OwnersComprehensive IncomeExpensesEquityRevenuesInvestments by OwnersAssetsGainsLossesGains, Losses | ||
(i) | Residual interest in the assets of the enterprise after deducting its liabilities. | Distributions to OwnersLiabilitiesEquityInvestments by Owners, Comprehensive IncomeComprehensive IncomeRevenuesAssetsRevenues, ExpensesInvestments by OwnersExpensesGainsLossesGains, Losses | ||
(j) | Increases assets during a period through sale of product. | ExpensesGainsEquityLiabilitiesLossesInvestments by OwnersRevenues, ExpensesRevenuesGains, LossesInvestments by Owners, Comprehensive IncomeDistributions to OwnersComprehensive IncomeAssets | ||
(k) | Decreases assets during the period by purchasing the companys own stock. | EquityComprehensive IncomeInvestments by OwnersDistributions to OwnersLossesRevenuesExpensesGainsInvestments by Owners, Comprehensive IncomeLiabilitiesGains, LossesAssetsRevenues, Expenses | ||
(l) | Includes all changes in equity during the period, except those resulting from investments by owners and distributions to owners. | Investments by Owners, Comprehensive IncomeComprehensive IncomeDistributions to OwnersInvestments by OwnersLossesGains, LossesRevenuesExpensesLiabilitiesAssetsRevenues, ExpensesEquityGains |
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