Question: Identify whether the definitions below relate to assets, liabilities, or equity. Element Definition ______________________________Probable future sacrifices of economic benefits arising from present obligations of a

Identify whether the definitions below relate to assets, liabilities, or equity.
Element 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.
______________________________The net assets are the residual interest in the assets of an entity that remains after deducting its liabilities.
______________________________Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.

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