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10 terms

Intermediate Accounting

STUDY
PLAY
Assets
Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
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
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 in equity resulting from transfers 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 entity's ongoing major or central operations.
Expenses
Outflows 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.
Gains
Results if an asset is sold for more than its book value.
Losses
Results if an asset is sold for less than its book value.
Comprehensive Income
The change in equity from non-owner transactions.