Match the following terms with the appropriate component of the accounting equation: (1) Assets (2) Liabilities (3)

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Match the following terms with the appropriate component of the accounting equation:

(1) Assets

(2) Liabilities

(3) Stockholders’ Equity

A. The probable future sacrifices of economic benefits arising from the present obligations of a company to transfer assets or provide services in the future as a result of past transactions or events.

B. The residual interest in the assets of a company that remains after deducting its liabilities.

C. The probable future economic benefits obtained or controlled by a company as a result of past transactions or events

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Intermediate Accounting

ISBN: 978-0324659139

11th edition

Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones

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Question Posted: Dec 09, 2013 08:37 AM

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Match the following terms with the appropriate component of the accounting equation: (1) Assets (2) Liabilities (3)

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1 Assets C The probable future economic benefits obtained or controlled by a company as a result of ...View the full answer

Intermediate Accounting

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