Match the descriptions with their terms :
-A resource controlled by the entity as a result of past events and from which the future economic benefits are expected to flow to the entity.
A) Resource providers
B) Materiality
C) Assets
D) SAC 9
E) Full disclosure principle
F) Cost
G) A conceptual framework
H) Verifiability
I) The Conceptual Framework
J) The Framework
K) Losses
L) Contingent liabilities

Question

Match the descriptions with their terms :
-A resource controlled by the entity as a result of past events and from which the future economic benefits are expected to flow to the entity.
A) Resource providers
B) Materiality
C) Assets
D) SAC 9
E) Full disclosure principle 
F) Cost
G) A conceptual framework
H) Verifiability
I) The Conceptual Framework
J) The Framework
K) Losses
L) Contingent liabilities

Quizplus · Accepted Answer

This description matches the definition of "Assets" as per accounting principles, where assets are resources controlled by an entity due to past events and from which future economic benefits are expected to flow to the entity.

Match the Descriptions with Their Terms