Answered

Please match the definition to the correct term:
Assets
Liabilities
Equity
Balance Sheet
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Present obligations, arising from past events, the settlement of which will include an outflow of economic resources.
:: Economic resources are controlled by a business as a result of past events that have the potential to produce economic benefits.
:: A financial statement that reports the assets, liabilities, and owner's equity at a specific date.
The owner's claim on the assets of the company, which is equal to total assets minus total liabilities.



Answer :

GinnyAnswer

Final answer:

An explanation of assets, liabilities, equity, and balance sheets in business.


Explanation:

Assets:

Assets are economic resources controlled by a business that have the potential to produce economic benefits.

Liabilities:

Liabilities are present obligations that arise from past events and will lead to the outflow of economic resources.

Equity:

Equity is the owner's claim on the company's assets, calculated as total assets minus total liabilities.

Balance Sheet:

A balance sheet is a financial statement that reports a company’s assets, liabilities, and owner's equity at a specific date.


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