Which of the followings are the three essential criteria in the definition of an asset?
$\begin{array}{ll}
\text { I. Future economic benefits}&\text {IV.Present obligation }\
\text {II.Future sacrifices of economic benefits. }&\text {V. Control. }\
\text {III.Past event }&\text{VI.Ownership} \
\end{array}$

A) I, III, IV.
B) II, III, V.
C) I, IV, VI.
D) I, III, V.

Question

Which of the followings are the three essential criteria in the definition of an asset?
$\begin{array}{ll}
\text { I. Future economic benefits}&\text {IV.Present obligation  }\
\text {II.Future sacrifices of economic benefits. }&\text {V. Control. }\
\text {III.Past event }&\text{VI.Ownership} \
\end{array}$

A) I, III, IV.
B) II, III, V.
C) I, IV, VI.
D) I, III, V.

Quizplus · Accepted Answer

An asset is defined by its ability to provide future economic benefits, its existence due to a past event, and the control over it by the entity.

Which of the Followings Are the Three Essential Criteria in the Definition