Accounting: Assets Definition
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Questions and Answers

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?

  • 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?

  • Future economic benefit (correct)
  • Intangible economic benefit
  • Immediate economic benefit
  • Past economic benefit

    • Which of the following best describes an asset?

    <p>A resource controlled by the entity, arising from past events and expected to yield future economic benefits</p> Signup and view all the answers

    What is the primary characteristic of an asset?

    <p>It is a present economic resource arising from past events</p> Signup and view all the answers

    Why is control an important aspect of an asset?

    <p>It indicates the entity has the ability to direct the use of the asset</p> Signup and view all the answers

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