Part 2-Association Question (10 marks) Item to consider: 1. Assets 2. Liabilities 3. Gross Profit 4. Revenue 5. Expenses 6. Return on Equity Match Association to Item by inserting the correct# # Association: Match Concepts/Comments to the best related Item (Random order below) 5 Is recognized when a performance obligation is satisfied by transferring to a customer a promised good or service 2 Refers to the availability of cash 3 Are resources owned and controlled by an entity from past transactions 4 Reflects entity performance and how assets are financed Refers to an entity's ability to meet its debt obligations over 6 the longer-term 6 Are unavoidable obligations of the entity resulting from past transaction