An asset can be recognised in an entity's statement of financial position when: Please select all that apply.
A) A past event gives rise to an economic resource controlled by the entity.
B) The value of the resource can be measured in such a way that a faithful representation is achieved.
C) The resource will give rise to a transfer of economic resources.
D) Profit will be generated by the resource.

Question

Quizplus · Accepted Answer

The Answer of An asset can be recognised in an entity's statement of financial position when: Please select all that apply.
A) A past event gives rise to an economic resource controlled by the entity.
B) The value of the resource can be measured in such a way that a faithful representation is achieved.
C) The resource will give rise to a transfer of economic resources.
D) Profit will be generated by the resource.

An Asset Can Be Recognised in an Entity's Statement of Financial