Which of the following statements is true with regard to accounting?

1. Assets are resources under the entity’s control that have future value.

2. Liabilities are obligations to suppliers, other creditors, and stockholders.

3. Assets usually equal liabilities and stockholders’ equity but sometimes include net profits as well.

4. Revenues and expenses, which net to profits, are more important pieces of information than assets, liabilities, and stockholders’ equity.