MATCHING-STATEMENT QUESTIONS [5xx2=10] Match the statements in Column B to the terms in Column A. Write down the answers only, for example 1. (a). Column A Column B 1. Assets (a) Decreases in economic benefits during the accounting period. 2. Liabilities (b) The residual interest in the assets of an enterprise after deducting all its liabilities. 3. Equity (c) These are expenses that are incurred during the financial period but that have not yet been paid. 4. Income (d) Assets are resources, controlled by the enterprise as a result of past events, from which future economic benefits are expected to flow to the enterprise. 5. Expenses (e) Revenue and costs should be accrued, that is revenue should be taken into