What term is defined as what the company owns or controls and expects to gain value from?

The term that describes what a company owns or controls and expects to gain value from is "Assets." Assets encompass a wide range of resources, including cash, inventory, property, equipment, and investments. These resources are essential to the operation of a business and contribute to its ability to generate future economic benefits.

When a company acquires an asset, it obtains a resource that can be utilized to produce goods, offer services, or generate income. For instance, equipment can be used in manufacturing processes, while inventory can be sold to customers for revenue. Understanding assets is crucial for assessing a company's financial health, as they represent the foundation upon which the business builds its operations and profitability.

In contrast, liabilities pertain to what the company owes to others, equity reflects the ownership interest in the company, and revenue refers to the income generated from normal business operations. Each of these terms plays a specific role in financial reporting and accounting, but in this case, "Assets" is the correct term for what the company owns or controls with expected future value.