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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Match the following terms with the appropriate component of the accounting equation:

  1. (1) Assets
  2. (2) Liabilities
  3. (3) Shareholders’ Equity
  4. A. The probable sacrifices of economic benefits arising from the present obligations of a company to transfer assets or provide services in the future as a result of past transactions or events
  5. B. The residual interest in the assets of a company that remains after deducting its liabilities
  6. C. The probable future economic benefits obtained or controlled by a company as a result of past transactions or events

To determine

Match the terms with the appropriate component of the accounting equation.

Explanation

Assets: These are the resources owned and controlled by business and used to produce benefits for the company. Assets are classified on the balance sheet as current assets, non-current assets, property, plant, and equipment, and intangible assets.

Liabilities: The claims creditors have over assets or resources of a company are referred to as liabilities. These are the debt obligations owed by company to creditors...

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