What term is used for probable future economic benefits owned by an entity as a result of past transactions?

Question

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Probable future economic benefits owned by an entity as a result of past transactions are referred to as assets. Revenues refer to actual inflows of economic resources, liabilities refer to probable future sacrifices of economic benefits, and retained earnings refer to the cumulative earnings of the entity that have been retained for future use.

What Term Is Used for Probable Future Economic Benefits Owned