STA: AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP: Traditional Assumptions of the Accounting Model KEY: Bloom's: Comprehension
NOT: Time: 15 min.
11. ANS: B PTS: 1 DIF: Difficulty: Moderate
NAT: BUSPROG: Communication
STA: AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP: Traditional Assumptions of the Accounting Model KEY: Bloom's: Comprehension
NOT: Time: 15 min.
12. ANS: A PTS: 1 DIF: Difficulty: Moderate
NAT: BUSPROG: Communication
STA: AICPA: FN: Measurement | ACBSP: GAAP | IMA: Financial Statement Analysis
TOP: Traditional Assumptions of the Accounting Model KEY: Bloom's: Comprehension
NOT: Time: 15 min.
Listed below are interrelated elements that are directly related to measuring performance and status of an enterprise according to SFAC No. 6, "Elements of Financial Statements."
Required:
Match the letter of each element with the appropriate definition.
| a. | Assets |
| b. | Liabilities |
| c. | Equity |
| d. | Investments by owners |
| e. | Distribution to owners |
| f. | Comprehensive income |
| g. | Revenues |
| h. | Expenses |
| i. | Gains |
| j. | Losses |
13. Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events.
14. Increases in the equity of a particular business enterprise resulting from transfers to the enterprise from other entities of something of value to obtain or increase ownership interests (or equity) in it.
15. A decrease in the equity of a particular business enterprise resulting from transferring assets, rendering services, or incurring liabilities by the enterprise to owners. Decreases ownership interest (or equity) in an enterprise.
16. Decreases in the equity (net assets) from peripheral or incidental transactions of an entity and from all other transactions and other events and circumstances affecting the entity during a period, except those that result from expenses or distributions to owners.