An economic resource of an entity is :

A. A contra asset until used.

B. A revenue

C. An asset

D. A liability

A Subsequent event for an entity with a December 31, 2016, year-end would NOT include:

A. An acquisition of another company in January 2017.

B. An issuance of bonds in January 2017.

C. A change in the estimated useful lives of equipment in January 2017.

D. A major uncertainty at December 31, resolved in January 2017.