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Identify Each Statement to Accounting Element

Question 41

Matching

identify each statement to accounting element

Premises:

Responses:

Total past earnings not distributed to the owners

Assets

Inflow of assets from the regular operating activities

Liabilities

Obligations which must be met at some future date

Contributed capital

That which will be used to generate future economic benefits

Retained earnings

The net growth during a period of time measured as revenues less expenses

Revenues

Amount invested by equity investors

Expenses

Net income

Dividends

Premises:

Total past earnings not distributed to the owners

Inflow of assets from the regular operating activities

Obligations which must be met at some future date

That which will be used to generate future economic benefits

The net growth during a period of time measured as revenues less expenses

Amount invested by equity investors

Responses:

Assets

Liabilities

Contributed capital

Retained earnings

Revenues

Expenses

Net income

Dividends

Correct Answer:

Premises:

Responses:

Assets

Liabilities

Contributed capital

Retained earnings

Revenues

Expenses

Net income

Dividends