According to the AASBs Conceptual Framework an asset is:
A)a contingent item depending on another event occurs at some time in the future
B)a future benefits controlled by an entity as the result of a future transaction
C)a future benefit controlled by an entity as the result of past transactions or events
D)an item that has a physical existence and can be converted into cash.

Question

Quizplus · Accepted Answer

An asset is defined as a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity.

According to the AASBs Conceptual Framework an Asset Is