FABM 1 SUMMATIVE QUIZ

________ are resources owned and managed by the business.

• Liabilities

• Assets

• Owners' Equity

• Revenues

________ represent the obligations of a business to pay debts.

• Liabilities

• Assets

• Equity

• Revenues

It is the residual interest in the assets of the entity after deducting liabilities.

• Assets

• Liabilities

• Owners' Equity

• Expenses

________ are the economic benefits that a business earns from its operations.

• Revenues

• Liabilities

• Expenses

• Assets

What is another term for Liabilities.

(a)  

________ are the costs incurred by a business in the process of earning revenue.

• Expenses

• Liabilities

• Assets

• Equity