The economic resources of a business that are expected to produce a benefit in the future are:
A)liabilities.
B)assets.
C)owners' equity.
D)expenses.

Question

Quizplus · Accepted Answer

Assets represent economic resources that are expected to produce a benefit in the future for the business. Liabilities are obligations or debts that the business owes to others. Owners' equity represents the residual interest in the assets of the business after deducting liabilities. Expenses represent costs that the business has incurred in the process of earning revenue.

The Economic Resources of a Business That Are Expected to Produce