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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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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