Which of the following statements about assets is NOT true?
A) Assets provide future economic benefits.
B) Assets are controlled by an organisation.
C) Assets result from past transactions or other events.
D) Assets are recorded at the amount they can be sold for.

Question

Quizplus · Accepted Answer

Assets are recorded at their historical cost, not the amount they can be sold for, as this can fluctuate over time.

Which of the Following Statements About Assets Is NOT True