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Questions and Answers
What does an asset represent?
What does an asset represent?
- An intangible economic resource
- A future economic resource controlled by the entity
- A past economic resource controlled by the entity
- A present economic resource controlled by the entity (correct)
Why is control an important aspect of an asset?
Why is control an important aspect of an asset?
- It determines the entity's ownership of the asset (correct)
- It determines the past events related to the asset
- It influences the future economic benefit of the asset
- It ensures immediate economic benefit of the asset
What is the primary expectation from an asset?
What is the primary expectation from an asset?
- Future economic benefit (correct)
- Intangible economic benefit
- Immediate economic benefit
- Past economic benefit
Which of the following best describes an asset?
Which of the following best describes an asset?
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What is the primary characteristic of an asset?
What is the primary characteristic of an asset?
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Why is control an important aspect of an asset?
Why is control an important aspect of an asset?
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