Resources a Company Owns or Controls That Are Expected to Yield

question 90

Multiple Choice

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

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

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Definitions:

Outstanding Balance

The amount of money owed that remains in a borrower's account, excluding interest and fees, that has not yet been paid.

Invoice

A document issued by a seller to a buyer, indicating items sold, prices, date of shipment, delivery and payment terms.

Payment

The act of giving money in exchange for goods or services.

EOM

End of Month, a term often used in the context of finance and accounting to denote processes or evaluations performed at the close of the month.