Probable future economic benefits obtained or controlled by an entity as a result of past transactions or events define

A) assets.
B) liabilities.
C) equity.
D) retained earnings.

The definition provided refers to assets, which are future economic benefits that an entity controls or owns as a result of past transactions or events. Liabilities refer to obligations that an entity owes to others, while equity represents the residual interest in the assets of an entity after deducting liabilities. Retained earnings are the portion of a company's profits that are not distributed as dividends, but are instead reinvested back into the company.