Properties or economic resources owned by a business, also described as probable future economic benefits, are called:
A)Expenses.
B)Revenues.
C)Assets.
D)Liabilities.
E)Equity.

Question

Quizplus · Accepted Answer

Assets are economic resources owned by a business, which can provide probable future economic benefits. Expenses are costs incurred by a business in order to generate revenue, while revenues represent the income earned by a business through its operations. Liabilities are obligations owed by a business to others, while equity represents the residual interest in the assets of a business after deducting its liabilities.

Properties or Economic Resources Owned by a Business, Also Described