Which of the following characteristics must an economic resource have in order to be classified as an asset?
A)acquired as a result of a past transaction
B)future service potential
C)under the control of the business entity
D)all of these
E)none of these

Question

Quizplus · Accepted Answer

An economic resource must have been acquired as a result of a past transaction, have future service potential, and be under the control of the business entity in order to be classified as an asset. Therefore, all of these characteristics must be present for an economic resource to be classified as an asset.

Which of the Following Characteristics Must an Economic Resource Have