The increase in assets, or decrease in liabilities, resulting from business activities carried out to earn profit.

Expenses

Profit

Liabilities

Assets

Owner's Equity

Revenues

Balance Sheet

Income Statement

(b)Resources controlled by a business that are expected to provide future economic benefits.

Revenues

Profit

Assets

Expenses

Owner's Equity

Liabilities

Balance Sheet or Income Statement

(c)The owner's claim on the residual assets of the company.

Liabilities

Assets

Owner's Equity

Revenues

Expenses

Profit

Balance Sheet or Income Statement

(d)Present obligations which are expected to result in an outflow of economic resources as a result of a past transaction.

Liabilities

Expenses

Profit

Assets

Owner's Equity

Revenues

Balance Sheet or Income Statement

(e)The cost of resources consumed or services used in the company's business activities.

Liabilities

Expenses

Profit

Assets

Owner's Equity

Revenues

Balance Sheet or Income Statement

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