What is a probable future economic benefit that a firm controls because of a past event or transaction?
A)asset
B)liability
C)shareholders' equity
D)revenue
E)expense

Question

Quizplus · Accepted Answer

An asset represents a probable future economic benefit that a firm controls because of a past event or transaction. This future benefit may be in the form of increased cash inflows or reduced cash outflows. Examples of assets include property, plant, and equipment, inventory, and accounts receivable.

What Is a Probable Future Economic Benefit That a Firm