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28 Jun 2018
(Conceptual IssuesâEquity) Statements of Financial AccountingConcepts set forth financial accounting and reporting objectivesand fundamentals that will be used by the Financial AccountingStandards Board in developing standards. Concepts Statement No. 6defines various elements of financial statements.
Instructions
Answer the following questions based on SFAC No. 6.
a. Define âdistributions to ownersâ and provide examples of thistype of transaction. What financial statement element other thanequity is typically affected by distributions?
b. What are examples of changes within ownersâ equity that donot change the total amount of ownersâ equity ?
(Conceptual IssuesâEquity) Statements of Financial AccountingConcepts set forth financial accounting and reporting objectivesand fundamentals that will be used by the Financial AccountingStandards Board in developing standards. Concepts Statement No. 6defines various elements of financial statements.
Instructions
Answer the following questions based on SFAC No. 6.
a. Define âdistributions to ownersâ and provide examples of thistype of transaction. What financial statement element other thanequity is typically affected by distributions?
b. What are examples of changes within ownersâ equity that donot change the total amount of ownersâ equity ?
Reid WolffLv2
30 Jun 2018
