Chapter 1, Problem 1.6E

Financial statement elements

• LO1–7

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

2. Dividends paid by a corporation to its shareholders

3. Inflow of an asset from providing a good or service

4. The financial position of a company

5. Increase in equity during a period from nonowner transactions

6. Increase in equity from peripheral or incidental transaction

7. Sale of an asset used in the operations of a business for less than the asset’s book value

8. The owners’ residual interest in the assets of a company

9. An item owned by the company representing probable future benefits

10. Revenues plus gains less expenses and losses

11. An owner’s contribution of cash to a corporation in exchange for ownership shares of stock

12. Outflow of an asset related to the production of revenue