A present economic resource controlled by an entity as a result of past events that is reasonably expected provide an inflow of future economic benefits (converted to cash, sold or consumed) within the next 12 months.
Elements Definitions

Quiz
•
Business
•
12th Grade
•
Hard
Joshua Purcell
FREE Resource
9 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Current asset
Non-current asset
Current liability
Non-current liability
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A present economic resource controlled by an entity as a result of past events that is not held for resale and is reasonably expected to be used to provide an inflow of future economic benefits for more than the next 12 months.
Current asset
Non-current asset
Current liability
Non-current liability
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A present obligation of an entity to transfer (outflow) an economic resource as a result of past events that is reasonably expected to be settled within 12 months.
Current asset
Non-current asset
Current liability
Non-current liability
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A present obligation of an entity to transfer (outflow) an economic resource as a result of past events that is not required to be settled within 12 months.
Current asset
Non-current asset
Current liability
Non-current liability
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The residual interest in the assets of the entity after deducting all its liabilities.
Owner's Equity
Revenue
Expense
Asset
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A present economic resource controlled by an entity as a result of past events that has the potential to produce future economic benefits.
Owner's Equity
Revenue
Expense
Asset
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A present obligation of an entity to transfer (outflow) an economic resource as a result of past events.
Owner's Equity
Revenue
Expense
Liability
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Inflow (reduction in outflow) of economic benefits in the form of an increase in assets (decreases in liabilities) that result in increases in owner’s equity, which arise in the course of ordinary business activities, excluding contributions from the owner.
Owner's Equity
Revenue
Expense
Asset
9.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Outflow/Losses (reduction in inflow) of economic benefits in the form of a decrease in assets (increase in liabilities) that result in a decrease in owner’s equity, which arise in the course of ordinary business activities, excluding drawings.
Owner's Equity
Revenue
Expense
Asset
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