Items and rights that a company acquires through objectively measurable transactions that can be used in the future to generate economic benefits are

Question

Quizplus · Accepted Answer

Assets are items and rights that a company obtains through objectively measurable transactions and can be used to generate future economic benefits. Liabilities are obligations that a company owes, contributing capital is the equity invested by shareholders, and revenues are the income earned by a company from its normal business activities.

Items and Rights That a Company Acquires Through Objectively Measurable