An expenditure qualifies as an asset if it has which of the following characteristics?
A)It embodies a probable future benefit.
B)A particular entity can obtain the benefit and control others' access to it.
C) The transaction or other event giving rise to the entity's right to, or control of, the benefit has already occurred.
D)The fair value of the item at the time of initial recognition can be measured with sufficient reliability.
E)all of the above

Question

Quizplus · Accepted Answer

All of the above characteristics are necessary for an expenditure to qualify as an asset. It must embody a probable future benefit, be controlled by a particular entity, have already occurred, and have a fair value that can be reliably measured at the time of recognition.

An Expenditure Qualifies as an Asset If It Has Which