Intermediate Accounting: Final Exam Questions and Answers | Graded A+

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