Definition a. An economic resource that is expected to be of benefit in the future b. Debts that are owed to creditors c. Excess of total expenses over total revenues d. Excess of total revenues over total expenses e. The basic tool of accounting, stated as Assets LiabilitiesEquity f. Decreases in equity that occur in the course of selling goods or services g. Increases in equity that occur in the course of selling goods or services h. Reports on a business's cash receipts and cash payments during a period i. Reports on an entity's assets, liabilities, and owner's equity as of a specific date j. Reports on an entity's revenues, expenses, and net income or loss for the period k. Reports how the owner's capital balance changed from the beginning to the end of the period 1. Accounting equation 2. Asset 3. Balance sheet Expense 5. Income statement 6. Liability . Net income 8. Net loss 9. Revenue 10. Statement of cash flows 11. Statement of owners equity