Which of the following characteristics must an economic resource have in order to be classified as an asset?
A) acquired as a result of a past transaction
B) future economic benefit potential
C) under the control of the business entity
D) all of these choices

Question

Quizplus · Accepted Answer

An economic resource must have been acquired as a result of a past transaction, have future economic benefit potential, and be under the control of the business entity to be classified as an asset. Therefore, all of these choices must be present for an economic resource to be considered an asset.

Which of the Following Characteristics Must an Economic Resource Have