The IASB's conceptual framework defines a(n) _____ as a resource controlled by an entity as a result of past events and from which a firm expects future economic benefits.
A)asset
B)liability
C)equity
D)revenue
E)expense

Question

Quizplus · Accepted Answer

According to the IASB's conceptual framework, an asset is defined as a resource controlled by an entity as a result of past events and from which a firm expects future economic benefits.

The IASB's Conceptual Framework Defines A(n) _____ as a Resource