E2.5 (LO2) (Elements of Financial Statements) Five interrelated elements that are most directly related to...
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E2.5 (LO2) (Elements of Financial Statements) Five interrelated elements that are most directly related to measuring the performance and financial status of an enterprise are provided below. Assets Liabilities Equity Income Expenses Instructions Identify the element or elements associated with the following nine items a. Obligation to transfer resources arising from a past transaction b. Increases ownership interest by issuance of shares. c. Declares and pays cash dividends to owners. d. Increases in net assets in a period from non-owner sources e. Items characterized by service potential or future economic benefit f. Equals increase in assets less liabilities during the year, after adding distributions to owners and subtracting investments by owners. g. Residual interest in the assets of the enterprise after deducting its liabilities h. Increases assets during a period through sale of product I. Decreases assets during the period by purchasing the company's own shares
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