Asked by denice cuellar on Jul 21, 2024
Verified
Which is not a characteristic of an asset?
A) The resource must be useful only in the entity's activities and have been acquired by purchase, production, or stockholder investment.
B) The entity must be able to obtain the future benefit and control others' access to it.
C) The transaction or event giving rise to the entity's right to or control over the benefit must have already occurred.
D) The resource must singly, or in combination with other resources, have the capacity to contribute directly, or indirectly, to the entity's future net cash inflows.
Future Benefit
An economic advantage or return that is expected to be received in the future as a result of current or past actions.
Asset
A resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide future benefit.
Entity's Activities
Operations or actions undertaken by an entity, which can include its core business operations, investments, financing, and other actions that it engages in.
- Understand the features that classify an economic resource as an asset.
Verified Answer
Learning Objectives
- Understand the features that classify an economic resource as an asset.
Related questions
Which Statement Is True ...
Economists Call the Psychological Strain Associated with Work ___
People Who Work as Accountants,stockbrokers,investment Advisors,or Bankers Are All Part ...
Which of the Following Is an Example of Physical Capital ...
Identify the Following as a Fixed Asset (FA), or Intangible ...