What does it mean when there are claims on the economic resources

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Financial Statements 

What does it mean when there are claims on the economic resources? (Liabilities & Equity)

Expert Solution
Step 1: Define Economic Resources

Economic resource refers to the factors that help in producing goods and services. The economic resources include land, labor, and capital. The assets are also called the resources because these are used to generate revenue and also provide future economic benefits.

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