Which one of the following is used as a criterion for deciding whether a resource should be regarded as an asset for accounting purposes? A. It must arise from a past transaction or event B. It must be owned by the business C. The future benefits must be certain D. It must have a physical substance

Which one of the following is used as a criterion for deciding whether a resource should be regarded as an asset for accounting purposes? A. It must arise from a past transaction or event B. It must be owned by the business C. The future benefits must be certain D. It must have a physical substance

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 3Q

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Question

Which one of the following is used as a criterion for deciding whether a resource should be
regarded as an asset for accounting purposes?
A. It must arise from a past transaction or event
B. It must be owned by the business
C. The future benefits must be certain
D. It must have a physical substance

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