Elements of the financial statements Listed are elements of the financial statements discussed in this chapter. Match each element with the descriptions (use each as many times as necessary)(.L O 3)
a. Assets
b. Liabilities
c. Shareholders” equity
d. Revenues
e. Expenses
| 1 | Debts of the company |
| 2 | Economic resources with future benefit |
| 3 | Inflows of assets from delivering or producing goods or services |
| 4 | Things of value a company owns |
| 5 | The residual interest in the assets of an entity that remains after deducting its liabilities |
| 6 | The difference between what the company has and what the company owes |
| 7 | The owner”s interest in the company |
| 8 | Outflows or using up of assets from delivering or producing goods on servlces |
| 9 | Costs that have no future value |
| 10 | The amount the company owes |
| 11 | Sales |
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