For a resource to be defined as an asset:
A) the entity must own the resource.
B) the resource must be physically tangible.
C) the entity must have control over the resource.
D) the entity must be able to sell the resource for profits.

Question

Quizplus · Accepted Answer

One of the essential characteristics of an asset is that the entity must have control over the asset (ownership is the most common way of control, but not necessary).

For a Resource to Be Defined as an Asset