The value of assets exchanged for goods or services provided to customers as part of the main operations of a business are called
A) assets
B) revenues
C) liabilities
D) equity
E) expenses

Question

Quizplus · Accepted Answer

Revenues are the value of assets (usually in the form of cash or accounts receivable) that a business generates by providing goods or services to its customers as part of its main operations. Liabilities are debts or obligations owed by a business, expenses are the costs incurred by a business in order to generate revenue, and equity represents the residual value of assets after liabilities have been subtracted.

The Value of Assets Exchanged for Goods or Services Provided