Chose the word or phrase that is defined or indicated in each of the statements below.

Tangible long-lived assets used in regular operations

Answer 1

Assets

Amounts collected from customers in advance.

Answer 2

Liabilities

Probable future outflows of economic benefits

Answer 3

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Economic rights or competitive advantages which lack physical substance.

Answer 4

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Resources expected to be used, sold, or converted to cash in one year or the operating cycle, whichever is longer.

Answer 5

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Obligations expected to be settled in the coming year or operating cycle whichever is longer.

Answer 6

Current liabilities

Residual interest in the net assets of an entity.

Answer 7

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Changes in equity from non-owner transactions.

Answer 8

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Resources expected to provide future economic benefits.

Answer 9

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A statement showing assets, liabilities and equity at a point in time.