Match the following components with the best description below and indicate if the component is reported on the balance sheet (BS) or income statement (IS).
1. Assets
2. Liabilities
3. Owner's Equity
4. Revenues
5. Expenses
6. Profit
Description Component Balance Sheet or Income Statement
(a) The increase in assets, or decrease in liabilities, resulting from business activities done to earn profit.
(b) Resources owned or controlled by a business that are expected to provide future benefits.
(c) The owner's claim on the resources of the company.
(d) Current obligations to make future payments of assets or services.
(e) The cost of resources consumed or services used in the company's business activities.