An economic resource of an entity is:
A) A revenue.
B) An asset.
C) A liability.
D) A contra asset until used.

Name: An economic resource of an entity is: A) A revenue. B) An asset. C) A liability. D) A contra asset until used.
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Question

Quizplus · Accepted Answer

An economic resource of an entity refers to an asset. An asset is a resource that is owned or controlled by an entity, which is expected to generate economic benefits in the future. Examples of assets include cash, property, inventory, equipment, and investments.

An Economic Resource of an Entity Is