q24 Listed are elements of the financial statements discusse

q2.4)

Listed are elements of the financial statements discussed in this chapter. Match each element with the descriptions (use each as many times as necessary) (Click the icon to view the elements.) Debts of the company Economic resources with future benefit Elements V Inflows of assets from delivering or producing goods or services | Things of value a company owns VThe residual interest in the assets of an entity that remains after deducting its liabilities | The difference between what the company has and what the company owes V The owners\' interest in the company | outflows or using up of assets from delivering or producing goods and services 3 4 a. Assets b. Liabilities c. Shareholders\' equity d. Revenues e. Expenses Costs that have no future value PrintDone 10. The amount the company owes | Sales

Solution

Debts of a company

Liabilities

Economic resources with future value

Assets

inflows of asset from delivering products or services

Revenue

Things of value a company owns

Assets

A residential interest in the assets of the entity that remains after deducting its liabilities

Shareholders equity

The difference between what company has and what company owes

Shareholders equity

The owners interest in the company

Shareholders equity

Outflows or using up of assets from delivering or producing goods and services

Expenses

Costs that have no future value

Expenses

The amount the company owes

Liabilities

Sales

Revenues

Debts of a company	Liabilities
Economic resources with future value	Assets
inflows of asset from delivering products or services	Revenue
Things of value a company owns	Assets
A residential interest in the assets of the entity that remains after deducting its liabilities	Shareholders equity
The difference between what company has and what company owes	Shareholders equity
The owners interest in the company	Shareholders equity
Outflows or using up of assets from delivering or producing goods and services	Expenses
Costs that have no future value	Expenses
The amount the company owes	Liabilities
Sales	Revenues