Accounts/Fin Statement Element liability, received, anybody, element

ruchita

Hello everybody
In Schweser rd 30 Comprehensive problem; there is a list of accts that you have to match with the right element asset, liability, owners’ equity, revenue or expense.
a) Other comprehensive income is classified as owners equity (I classified it as revenue, but seems to be wrong)
b) and dividends received as revenue but
c) dividends payable as a liability
Can anybody explain to me why?
Thanks in advance.

dirk01

div payable is something that the company must pay its shareholders, but has postponed, decided not to pay now. Something due in the future. So it is a liab.

cfa10yrplan

a) other comprehensive income is income but recorded directly in equity, i.e. doesn’t go through P&L therefore classified as equity,
b) dividends received revenue  something a company receives (how to explain it differently?),
c) dividends payable are liability to shareholders  it doesn’t go through P&L but rather is “reclassified” from equity, after an entity decides to pay a dividend, to liabilities,

Gypsy

Thank you very much! Just a small question probably a very stupid one. What does P&L stand for?
Thanks

hassan

Profit and Loss account

bkballa

Sorry for abbreviation

Dapper425

Thanks! Your comments helped me a lot.
Take care