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5 questions
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  • Q1

    Are resources controlled by the business as a result of past transactions and provide you with future economic benefits

    Capital

    Liabilities

    Asset

    30s
    ABM_FABM11-IIId-e-19
  • Q2

    Are present obligations of an entity arising from past transactions or events.

    Liabilities

    Asset

    Capital

    30s
    ABM_FABM11-IIId-e-19
  • Q3

    Is the residual amount after deducting liabilities from assets.

    Asset

    Capital (Proprietorship)

    Liabilities

    30s
    ABM_FABM11-IIId-e-19
  • Q4

    Revenues earned from the business, professional fees and and services.

    Liabilities

    Income

    Asset

    30s
    ABM_FABM11-IIId-e-19
  • Q5

    Are decreases in economic benefits during the period in the form of outflows or depletions of assets or increases of liabilities that result in decreased equity

    Liabilities

    Income

    Expense

    30s
    ABM_FABM11-IIId-e-19

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