Which of the following statements about assets is NOT true?
A) Assets provide future economic benefits.
B) Assets are economic resources 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 at the amount they can be sold for. The amount they can be sold for may change over time, but the historical cost remains the same.

Which of the Following Statements About Assets Is NOT True