23 Which element of financial performance decreases in economic benefits during the accounting period in the form of outflows or reductions in assets or increases in liabilities that result in decreases in equity, other than those relating to distributions to equity participants? a. Accounts receivables b. Profit c. Expenses d. Income

23 Which element of financial performance decreases in economic benefits during the accounting period in the form of outflows or reductions in assets or increases in liabilities that result in decreases in equity, other than those relating to distributions to equity participants? a. Accounts receivables b. Profit c. Expenses d. Income

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 40MCQ

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Question

Which element of financial performance decreases in economic benefits during the accounting period in the form of outflows or reductions in assets or increases in liabilities that result in decreases in equity, other than those relating to distributions to equity participants?

Accounts receivables

Profit

Expenses

Income

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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