Intermediate Accounting: Final Exam Questions well answered

Intermediate Accounting: Final Exam Questions Arises from peripheral or incidental transactions (ch2) - correct answer Gains;Losses Obligation to transfer resources arising from a past transaction (ch2) - correct answer Liabilities Increases ownership interest (ch2) - correct answer Investments by Owners; Comprehensive Income Declares and pays cash dividends to owners (ch2) - correct answer Distributions to Owners Increases in net assets in a period from non owner sources (ch2) - correct answer Comprehensive Income Items characterized by service potential or future economic benefit (ch2) - correct answer Assets Equals increase in assets less liabilities during the year, after adding distributions to owners and subtracting investments by owners (ch2) - correct answer Comprehensive Income Arises from income statement activities that constitute the entity's ongoing major or central operations (ch2) - correct answer Revenues; Expenses Residual interest in the assets of the enterprise after deducting its liabilities (ch2) - correct answer Equity Increases assets during a period through sale of product (ch2) - correct answer Revenues Decreases assets during the period by purchasing the company's own stock (ch2) - correct answer Distributions to Owners