Which one of the following is an essential characteristic of an asset? A. The inflow of future economic benefits is controlled þy the enterprise B. It must be exclusively owned and must be exchangeable C. The cost of the asset can be measured accurately D. It is a result of either a past or predictable transaction or activity

Which one of the following is an essential characteristic of an asset? A. The inflow of future economic benefits is controlled þy the enterprise B. It must be exclusively owned and must be exchangeable C. The cost of the asset can be measured accurately D. It is a result of either a past or predictable transaction or activity

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

In what ways might a depreciable asset's estimated service life be influenced?
What costs are included in determining the total cost of an asset? Why would a company include more than just the purchase price of an asset?
Which of the following characteristics is most likely to diff erentiate investment propertyfrom property, plant, and equipment?A. It is tangible.B. It earns rent.C. It is long-lived.
What entry is made when a fixed asset is sold?
How do we decide whether to capitalize (record as an asset) or expense a particular cost?
It is the initial cost of acquiring an asset, plus sales tax, transportation and normal costs of making asset serviceable. a. Adjusted standard cost O b. Cost basis O c. Standard cost O d. Adjusted cost basis
The common characteristic possessed by all assets is a. Great monetary value b. Tangible nature Oc. Future economic benefit Od. Long life
Which of the following factors, if present, would indicate that a transaction is not a contribution? a. The resource provider entered into the transaction voluntarily. b. The resource provider received value in exchange. c. The transfer of assets was unconditional. d. The organization has discretion in the use of the assets received.
Which of the following features of an asset closely links its definition to the science of Economics? An asset is controlled by an entity An asset can provide future benefits to an entity An asset can command a price An asset is exclusively owned by an entity А. В. С. D.
Which of the following values for an intangible asset would a company capitalize and amortize? a.) purchase price b.) research costs c.) residual value d.) development costs
how would make the non-performing assets into a performing one.
__________ is defined in the Conceptual Framework as ‘a present obligation of the entity to transfer an economic resource as a result of past events’. Select one alternative: Expense Income Asset Liability