For each item numbered below, identify which accounting element(s) listed in A through H each statement describes.You may use each letter more than once or not at all.
-Inflow of assets from the regular operating activities
A) Assets
B) Liabilities
C) Contributed capital
D) Retained earnings
E) Revenues
F) Expenses
G) Net income
H) Dividends

Question

Quizplus · Accepted Answer

Inflows of assets from regular operating activities are recognized as revenues, which are increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants.

For Each Item Numbered Below, Identify Which Accounting Element(s) Listed