Intermediate Accounting, Elements

Gains

Increases in equity (net assets) from peripheral or incidental transactions of an entity except those that result from revenues or investments by owners

Income Statement - Non-operating Section

Other revenues or gains & other expenses or losses

Expenses

Outflows or other using-up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's major or central operations

Assets

Probable future economic benefits obtained or controlled by a particular entity as a result of past transaction or events

Income tax

a short section reporting federal and state taxes levied on income from continuing operations

Income statement - sales or revenue section

a subsection presenting sales, discounts, allowances, returns, or other related information. Its purpose is to arrive at the net amount of sales revenue

Income statement - Administrative or general expenses

a subsection reporting expenses of general administration

Income statement - Selling expenses

a subsection that lists expenses resulting from the company's efforts to make sales

Income statement - COGS section

a subsection that shows the COG that were sold to produce the sales

Distribution to owners

decrease in net assets of a particular enterprise resulting from transferring assets, rendering services, or incurring liabilities by the enterprise to owners. Distribution to owners decrease ownership (or equity) in an enterprise.

fair values

disclosures of fair values, particularly for financial instruments

contractual situations

explanations of certain restrictions or covenants attached to specific assets or, more likely, to liabilities

accounting policies

explanations of the valuation methods used or the basic assumptions made concerning inventory valuations, depreciation methods, investments in subsidiaries, etc.

Investment by owners

increases in net assets of a particular enterprise resulting from transfers to it from other entities of something of value to obtain or increase ownership interests (or equity) in it. Assets are most commonly received as investment by owners, but that which is received may also include services or satisfaction or conversion of liabilities of the enterprise

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

Contingencies

material events that have an uncertain outcome

discontinued operations

material gains or losses resulting from the disposition of a segment of the business

liabilities

probably 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

residual interest in the assets of an entity that remains after deducting its liabilities. In a business enterprise this is the ownership interest.

Retained earnings

the corporation's undistributed earnings

Additional paid-in-capital

the excess amounts paid in over the par or stated value

Capital stock

the par or states value of the shares issued

Extraordinary items

unusual and infrequent material gains and losses

Income Statement - Operating Section

A. Sales or Revenue B. COGS C. Selling Expenses D. Administrative or General expenses

Comprehensive Income

Changes in equity (net assets) on an entity 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 distribution to owners.

Losses

Decrease in equity (net assets) from peripheral or incidental transactions of an entity except those that result from expenses or investments by owners