Match the Letter of Each Element with the Appropriate Definition

question 65

Multiple Choice

Match the letter of each element with the appropriate definition.
-Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events.

• A)Assets
• B)Liabilities
• C)Equity
• D)Investments by owners
• E)Distribution to owners
• F)Comprehensive income
• G)Revenues
• H)Expenses
• I)Gains
• J)Losses

---

Definitions:

Needs and Wants

Basic necessities that are essential for survival and desires that can enhance quality of life but are not essential for survival.

Marketing

The act of marketing, sales, and dissemination of a product or service, encompassing market analysis and promotion.

Wants

Desires or wishes that people have for goods and services that can provide satisfaction or utility.

Personal Experience

Individual perception or encounter derived from one's own life events.