Assets are best defined as a:
A) resource owned by the entity as a result of current event, from which future economic benefits are expected to flow.
B) resource owned by the entity as a result of past event, from which future economic benefits are expected to flow.
C) resource controlled by the entity as a result of past event, from which future economic benefits are expected to flow.
D) resource controlled by the entity as a result of a future event, from which future economic benefits are expected to flow.

Question

Quizplus · Accepted Answer

Assets are defined as resources controlled by the entity as a result of past events from which future economic benefits are expected to flow to the entity. This definition emphasizes control over the resource, rather than ownership, and the importance of past events in the acquisition or control of the asset.

Assets Are Best Defined as A