Which of the following does NOT represent an essential characteristic of an asset?
A)There is some economic benefit to the entity.
B)The entity is able to transfer the economic benefit if it so chooses.
C)The entity has control over the economic benefit.
D)The benefits result from a past transaction or event.

Question

Quizplus · Accepted Answer

An essential characteristic of an asset is that the entity has control over the economic benefit, not necessarily the ability to transfer it.

Which of the Following Does NOT Represent an Essential Characteristic