Acct 341 Test 1

Front 1

Assets

Back 1

Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions

Front 2

Liabilities

Back 2

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

Front 3

Equity

Back 3

Residual interest in the assets of an entity that remains after deducting its liabilities

Front 4

Investments by Owners

Back 4

Increases in equity of a particular business enterprise resulting from transfers to it from other entities of something of value to obtain or increase ownership interests in it

Front 5

Distributions to Owners

Back 5

Decreases in equity of a particular enterprise resulting from transfers to owners

Front 6

Comprehensive Income

Back 6

Change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Includes all changes in equity during a period except those resulting from investments by owners and distributions to owners

Front 7

Revenues

Back 7

Inflows or other enhancements of assets of an entity or settlements of its liabilities during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations

Front 8

Gains

Back 8

Increases in equity from peripheral or incidental transactions of an entity

Front 9

Losses

Back 9

Decreases in equity arising from peripheral or incidental transactions of an entity

Front 10

Recognition of economic event requires

Back 10

Definition, measurability, relevance, and reliability

Front 11

Underlying Assumptions

Back 11

Economic Entity
Going Concern
Periodicity
Monetary Unit

Front 12

Accounting Principles

Back 12

Historical Cost
Realization
Matching
Full Disclosure

Front 13

Approaches to Fair Value

Back 13

Market
Cost
Income