Economic resources are cash or items expected to be converted into cash during the current period, or soon enough thereafter to pay current period liabilities.

Question

Quizplus · Accepted Answer

Economic resources include not only cash and items expected to be converted into cash but also other assets and resources that a company uses to produce goods and services, not limited to those for immediate or short-term conversion to cash or for paying current period liabilities.

Economic Resources Are Cash or Items Expected to Be Converted