P1. Economic resources are known as

a.assets.

b.retained earnings and revenues.

c.liabilities and stockholders' equity.

d.owners' equity and stockholders' equity.

P2. What is the primary objective of financial reporting?

a.To help the investors assess the future prospects of a company

b.To help management make appropriate decisions related to company operations

c.To help the creditors in evaluating their decision to make loans to a company

d.All of these