Blank 1 Question 1[select: , assets, claims, controlled, economic benefits, liabilities, obligations, past events] are considered to be resources of a business and Blank 2 Question 1[select: , assets, claims, controlled, economic benefits, liabilities, obligations, past events] are considered to be claims on the business. Total owners equity in the total or assets less total liabilities.Assets are Blank 3 Question 1[select: , assets, claims, controlled, economic benefits, liabilities, obligations, past events] by the business that are expected to generate future Blank 4 Question 1[select: , assets, claims, controlled, economic benefits, liabilities, obligations, past events] . Liabilities are Blank 5 Question 1[select: , assets, claims, controlled, economic benefits, liabilities, obligations, past events] that the business has as a result of Blank 6 Question 1[select: , assets, claims, controlled, economic benefits, liabilities, obligations, past events] . An account Blank 7 Question 1[select: , can, can not] be both an asset and a liability.