Asked by Marisol Hernandez on Mar 10, 2024

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The common characteristic possessed by all assets is

A) long life.
B) great monetary value.
C) tangible nature.
D) future economic benefit.

Future Economic Benefit

The potential to contribute directly or indirectly to the flow of cash and cash equivalents to an entity.

Common Characteristic

A property or attribute that is shared among all members of a category.

Asset

An economic resource owned or controlled by an individual or corporation, expected to provide future benefit.

  • Familiarize yourself with basic accounting notions such as capital, liabilities, the elemental accounting equation, and the mechanism for recording business dealings.
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TU
Theodora Ursache

Mar 10, 2024

Final Answer :
D
Explanation :
The common characteristic possessed by all assets is that they provide future economic benefit. This benefit can come in various forms, such as generating revenue or providing cost savings. The other choices may apply to some assets but not to all, making D the best answer.