Which of the following best describes assets?
A)Resources with possible future economic benefits owed by an entity as a result of past transactions.
B)Resources with probable future economic benefits owned by an entity as a result of past transactions.
C)Resources with probable future economic benefits owned by an entity as a result of future transactions.
D)Resources with possible future economic benefits owed by an entity as a result of future transactions.

Question

Quizplus · Accepted Answer

Assets are resources owned by an entity that are expected to provide probable future economic benefits as a result of past transactions or events. Option B correctly describes this concept. Option A includes the word "owed," which is incorrect as assets are owned, not owed. Option C includes the word "future," which is incorrect as assets are the result of past transactions. Option D includes the word "owed" and "future," both of which are incorrect. Therefore, option B is the best answer.

Which of the Following Best Describes Assets