Assets: probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events Show
Liabilities: 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 Equity (net assets): called shareholders equity or stockholders equity for corporation, it is the residual interest in the assets of an entity that remains after deducting its liabilities Investments by owners: 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 Distributions to owners: decreases and equity of a particular enterprise resulting from transfers to owners Comprehensive income: The change in equity of a business enterprise during a period from transactions and other events and circumstances from non owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners Revenues: 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 entities ongoing major or central operations Expenses: outflows or other using up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or other activities that constitute the entities ongoing major or central operations Gains: increases in equity from peripheral or incidental transactions of an entity Losses: represent decreases and equity arising from peripheral or incidental transactions of an entity Review terms and
definitions Focus your studying with a path Get faster at matching terms What is Financial
Reporting? The four major financial statements of a corporation consist of the Recommended textbook solutionsRecommended textbook solutions
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Which organization sets the principles of financial accounting and reporting?The Financial Accounting Standards Board (FASB) is an independent nonprofit organization responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States, following generally accepted accounting principles (GAAP).
Which organization sets the principles of financial accounting and reporting that accountants must follow quizlet?a) The Financial Accounting Standards Board (FASB) is the first organization to set accounting standards in the United States.
Who sets accounting standards for private companies?Responsibility for enforcement and shaping of generally accepted accounting principles (GAAP) falls to two organizations: The Financial Accounting Standards Board (FASB) and Securities and Exchange Commission (SEC). The SEC has the authority to both set and enforce accounting standards.
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Which organization sets the principles of financial accounting and reporting in the private sector in the United States quizlet?
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