__________ is/are resources controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.
A) Liabilities
B) Assets
C) Equity
D) Income

Question

Quizplus · Accepted Answer

Assets are the resources controlled by an entity that are expected to provide future economic benefits. Liabilities are obligations of the entity to transfer economic resources to other entities, equity represents the residual interest in the assets of the entity after deducting liabilities, and income is revenue minus expenses earned during a period. Therefore, the correct answer is B) Assets.

__________ Is/are Resources Controlled by the Entity as a Result