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Elements Test

Enter the letter for the matching Definition
incorrect
1.
Revenue
incorrect
2.
Expense
A.
an outflow or consumption of economic benefits in the form of a decrease in assets that reduces owner's equity, expect for the drawings by the owner
B.
An inflow of economic benefits in the form of an increase in assets that increase the owners equity, expect for the capital contribution by the owner
Type the Term that corresponds to the displayed Definition.
incorrect
3.
A present obligation of the entity as a result of past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits
incorrect
4.
A resource controlled by entity, as a result of past events, from which future economic benefits are expected to flow to the entity
incorrect
5.
The residual interest in assets of the entity after the deduction of liabilities

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Created by: BRITS113
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