Resources a company owns or controls that are expected to yield future benefits are:
A) Revenues.
B) Liabilities.
C) Owner's Equity.
D) Expenses.
E) Assets.

Question

Quizplus · Accepted Answer

Resources owned or controlled by a company that are expected to provide future economic benefits are known as assets. Therefore, option E is the correct answer. Revenues represent the income earned by a company from its operating activities, liabilities represent the company's debt obligations, owner's equity represents the residual interest of the owners in the company's assets after deducting liabilities, and expenses represent the costs incurred by the company in the course of its business activities.

Resources a Company Owns or Controls That Are Expected to Yield