Resources controlled by the entity as a result of past transactions or events and from which future economic benefits are expected to flow to the entity is the definition of:
A)equity
B)assets.
C)liabilities.
D)income.

Question

Quizplus · Accepted Answer

This is the definition of assets. Assets are resources that are expected to provide economic benefits to the entity in the future, either through selling or using them in operations. Examples of assets include cash, inventory, property, plant, and equipment. Equity represents the residual interest in the assets after deducting liabilities, while income is the increase in assets or decrease in liabilities that result from activities of the entity. Liabilities, on the other hand, represent obligations to transfer economic resources to other parties.

Resources Controlled by the Entity as a Result of Past