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Match the Following with the Descriptions Below

Question 104

Matching

Match the following with the descriptions below.

Premises:
The rights to use resources that have expected future economic benefit.
Represents the claims on the business to transfer the residual interest (net assets of the business) to the owners.
A company's total revenues less its total expenses for a period of time.
Assets minus liabilities
An amount earned from rendering services or transferring resources to customers.
An amount incurred from using resources or services in an effort to generate revenues.
The obligation to transfer economic resources to suppliers of goods and services at some point in the future.
Responses:
Owners' Equity
Expense
Liability
Revenue
Net Income
Net Assets
Assets

Correct Answer:

The rights to use resources that have expected future economic benefit.
Represents the claims on the business to transfer the residual interest (net assets of the business) to the owners.
A company's total revenues less its total expenses for a period of time.
Assets minus liabilities
An amount earned from rendering services or transferring resources to customers.
An amount incurred from using resources or services in an effort to generate revenues.
The obligation to transfer economic resources to suppliers of goods and services at some point in the future.
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