Choose the word or phrase that is defined or indicated. 1. 2. 3 Obligations expected to be settled in the next year or operating cycle. Statement showing assets, liabilities, and equity at a point in time, Present obligations of an entity to transfer economic resources as a result of past events. Resources expected to be used, sold, or converted to cash in one year or the operating cycle, whichever is longer. Tangible long-lived assets used in regular operations. Property, plant, and equipment Current assets Llabilities Assets Intangible assets Statement of financial position Equity Current abilities 4 5. 6 Economic rights or competitive advantages which lack physical substance. 7. Resources expected to provide future economic benefits. 8. Residual interest in the net assets of an entity