Which term best matches this description: A resource controlled by an entity from which future benefit is expected.
- Equity
- Asset
- Accounting equation
- Liability
Answer and explanation
Asset
Asset is the matching concept in this lesson.
Subjects
Systems accounting
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Sample exercises
Which term best matches this description: A present obligation expected to require resources to settle.
- Accounting equation
- Asset
- Equity
- Liability
Answer and explanation
Liability
Liability is the matching concept in this lesson.
Which concept would you apply first in a situation where the residual interest after liabilities are deducted from assets.
- Accounting equation
- Liability
- Equity
- Asset
Answer and explanation
Equity
The scenario directly calls for Equity.
Name the concept described as: The relationship Assets = Liabilities + Equity.
Answer and explanation
Accounting equation
The intended concept is Accounting equation.
Which statement about Asset is most accurate?
- A present obligation expected to require resources to settle.
- A resource controlled by an entity from which future benefit is expected.
- The residual interest after liabilities are deducted from assets.
- The relationship Assets = Liabilities + Equity.
Answer and explanation
A resource controlled by an entity from which future benefit is expected.
The definition in the lesson notes gives the required condition.
Explain one important difference between Asset and Liability.
Answer and explanation
Asset: A resource controlled by an entity from which future benefit is expected. Liability: A present obligation expected to require resources to settle.
Credit a clear distinction using both definitions and an appropriate example if supplied.
Study notes
Accounting equation
A resource controlled by an entity from which future benefit is expected.
UniversityAccounting equation · revision notes
A resource controlled by an entity from which future benefit is expected.
UniversityDebits, credits and journals
A dated record of accounts and debit/credit amounts for a transaction.
UniversityDebits, credits and journals · revision notes
A dated record of accounts and debit/credit amounts for a transaction.
UniversityFinancial statements
A report of revenue and expenses over a period.
UniversityFinancial statements · revision notes
A report of revenue and expenses over a period.
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