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Identify whether the following definitions relate to assets, liabilities, or equity. Question content area...

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Question

Accounting

Identify whether the following definitions relate to assets, liabilities, or equity.
Question content area bottom
Part 1
Definition
Element
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 its liabilities.
Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.

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