Asked by ANGELITA BROOKS on Jul 05, 2024

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Verified

Resources a company owns or controls that are expected to yield future benefits are:

A) Assets.
B) Revenues.
C) Liabilities.
D) Owner's Equity.
E) Expenses.

Assets

Resources owned by a company or individual that have economic value or potential to provide future benefits.

  • Identify the characteristics and categorization of assets, liabilities, and equity.
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Verified Answer

DD
Destiny DvorakJul 10, 2024
Final Answer :
A
Explanation :
Assets are resources that a company has control over and are expected to yield future benefits. Examples of assets include cash, accounts receivable, inventory, and property, plant, and equipment. Revenues refer to the inflow of economic resources resulting from the sale of goods or services by a company. Liabilities are obligations that a company owes to others and are expected to be settled with the transfer of economic resources. Owner's Equity represents the residual interest in the assets of a company after deducting liabilities. Expenses refer to the outflow of economic resources resulting from the production of goods or services by a company.