Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value Edition
1st Edition
ISBN: 9780134047430
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 2.14BE
Element Definitions. Identify whether the following definitions rotate to assets, liabilities or equity.
| Element | Definition |
| _____________ | Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. |
| _____________ | The net assets are the residual interest in the assets of an entity that remains after deducting ns liabilities. |
| _____________ | Probable future economic benefits will be obtained or controlled by a particular entity as a result of past transactions or events. |
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Students have asked these similar questions
__________ is defined in the Conceptual Framework as ‘a present obligation of the entity to transfer an economic resource as a result of past events’.
Select one alternative:
Expense
Income
Asset
Liability
Which of the following statement best defines an asset?
a.
An asset is a resource owned by the entity with a financial value
b.
An asset is resource controlled by the entity from which future economic benefits are expected to be generated
c.
An asset is a resource controlled by an entity because of past events
d.
An asset is a resource controlled by an entity as a result of past events from future economic benefits are expected to be generated
Residual interest in the asset of an entity that remains after deducting its liabilities is?
a. Liabilities
b. Expense
c. Owner’s Equity
d. Assets
Chapter 2 Solutions
Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value Edition
Ch. 2 - Prob. 2.1QCh. 2 - Prob. 2.2QCh. 2 - Why is a conceptual framework of accounting...Ch. 2 - Prob. 2.4QCh. 2 - Prob. 2.5QCh. 2 - Prob. 2.6QCh. 2 - Prob. 2.7QCh. 2 - When is financial information considered...Ch. 2 - Prob. 2.9QCh. 2 - Prob. 2.10Q
Ch. 2 - What is the recognition principle and when is an...Ch. 2 - What is the revenue recognition principle and when...Ch. 2 - Prob. 2.14QCh. 2 - When are expenses recognized under IFRS?Ch. 2 - How are transactions recorded under accrual...Ch. 2 - Prob. 2.17QCh. 2 - Prob. 2.1BECh. 2 - Objective of Financial Reporting. Explain the...Ch. 2 - Prob. 2.3BECh. 2 - Fundamental and Enhancing Characteristics....Ch. 2 - Prob. 2.5BECh. 2 - Prob. 2.6BECh. 2 - Prob. 2.7BECh. 2 - Fundamental and Enhancing Characteristics....Ch. 2 - Faithful Representation. Match the component of a...Ch. 2 - Prob. 2.10BECh. 2 - Prob. 2.11BECh. 2 - Capital Maintenance Adjustments, IFRS. Describe...Ch. 2 - Expense Recognition. Discuss the three main...Ch. 2 - Element Definitions. Identify whether the...Ch. 2 - Prob. 2.15BECh. 2 - Element Definitions, U.S. GAAP, IFRS. Identify...Ch. 2 - Prob. 2.17BECh. 2 - Measurement Bases. Match the measurement basis...Ch. 2 - Cash versus Accrual Bases of Accounting. The...Ch. 2 - Assumptions in Financial Reporting. Indicate the...Ch. 2 - Conceptual Framework. Noeleen Auto Mall, Ltd....Ch. 2 - Qualitative Characteristics. Referring to the...Ch. 2 - Prob. 2.3ECh. 2 - Cash versus Accrual Bases of Accounting. Top Notch...
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