Identify the element, and whether it is point-in-time or period-of-time
Definition
Element
Point-in-time or Period-of-time
Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
Decreases in equity resulting from transferring assets, rendering services, or incurring liabilities by the enterprise to owners.
Decreases in equity (net assets) from peripheral or incidental transactions and from all other transactions and other events and circumstances affecting the entity except those that result from expenses or distributions to owners.
Inflows or other enhancements of an entity's assets, settlements of liabilities, or both, from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations.
What will be an ideal response?
Answer:
Definition
Element
Point-in-time or Period-of-time
Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
Assets
Point-in-time
Decreases in equity resulting from transferring assets, rendering services, or incurring liabilities by the enterprise to owners.
Distribution to Owners
Period-of-time
Decreases in equity (net assets) from peripheral or incidental transactions and from all other transactions and other events and circumstances affecting the entity except those that result from expenses or distributions to owners.
Losses
Period-of-time
Inflows or other enhancements of an entity's assets, settlements of liabilities, or both, from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations.
Revenues
Period-of-time