Which of these is not always a characteristic of an asset?
A)Ability of the benefit to be measured in money terms.
B)Exclusive control of the economic benefits.
C)Legal ownership by the entity.
D)Probable expected future economic benefits.

Question

Quizplus · Accepted Answer

Legal ownership may not always be a characteristic of an asset. For example, if an entity has a lease agreement for a property or equipment, they may not legally own it but still have the right to use and enjoy the economic benefits from it. In this case, the asset would be recognized as a right-of-use asset on the entity's balance sheet.

Which of These Is Not Always a Characteristic of an Asset