Accounting Equation Flashcards
1
Q
Resources you control that have resulted to past events and can provide you with future economic benefits
A
Assets
2
Q
You have exclusive rights to enjoy the benefits and you can prevent others from enjoying those benefits
A
Control
3
Q
economic resources have resulted from past events or transaction
A
Past Events
4
Q
the potential of the resources to provide you, directly and indirectly, with cash
A
Economic Benefits
5
Q
are the present obligations that have resulted from past events and can require you to give up economic resources when settling them
A
Liabilities
6
Q
means duty or responsibility
A
Obligation
7
Q
an obligation resulted from the contract and other operations by law
A
Legal Obligation
