1. On the balance sheet, assets minus liabilities are represented by which of the following?
   1. current assets
   2. net income
   3. stockholder or owner's equity
2. In accounting, resources with economic value that are expected to provide future benefits are called:
   1. equity
   2. liabilities
   3. assets
3. In accounting equation, liabilities are equal to:
   1. the amount of assets owned outright by the owners
   2. resources owned by the company
   3. debts owed to others