Chapter 2, Problem 2.14BE

Element Definitions. Identify whether the following definitions rotate to assets, liabilities or equity.

Element	Definition
_____________	Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events.
_____________	The net assets are the residual interest in the assets of an entity that remains after deducting ns liabilities.
_____________	Probable future economic benefits will be obtained or controlled by a particular entity as a result of past transactions or events.