Assets are economic resources controlled by the entity as a result of past transactions or events and from which future economic beneﬁts can be obtained.

Name: Assets are economic resources controlled by the entity as a result of past transactions or events and from which future economic beneﬁts can be obtained.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This is the definition of assets according to the International Financial Reporting Standards (IFRS) and generally accepted accounting principles (GAAP).

Assets Are Economic Resources Controlled by the Entity as a Result