financial statement element or elements.

[straightmarble02]

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For each of the items listed below, identify the appropriate financial statement element or elements.
1. Obligation to transfer cash or other resources as a result of a past transaction.
>liability
2. Dividends paid by a corporation to its shareholders.
> Distribution to owners
3. Inflow of an asset from providing a good or service.
> revenue?
4. The financial position of a company.
> asset, equity, liability,
5. Increase in equity from ongoing business transactions.
>gain?
6. Increase in equity not from ongoing business activities but peripheral transactions.
> ??
7. Sale of an asset used in the operations of a business for less than the asset’s book value.
>loss
8. The owners’ residual interest in the assets of a company.
>equity
9. An item owned by the company representing probable future benefits.
>asset
10. Revenues plus gains less expenses and losses.
>net income
11. An owner’s contribution of cash to a corporation in exchange for ownership shares.
>investment by owner
12. Outflow of an asset related to the production of revenue.
>expense
13. Inflows of assets resulting in increase in equity .
>revenue ?