Choose the correct term$/$concept$.$

Current obligations, arising from past events, to make future payments of assets or services.

e$.$g$.,$ accounts payable

Answer $1$ Question $1$

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Economic resources controlled by a business as a result of past events that have the potential to produce economic benefit.

Answer $2$ Question $1$

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The cost of assets consumed or services used in a company$$s ordinary business activities.

e$.$g$.,$ salaries expense