Which of the following is not an essential characteristic for an asset?
A)future economic benefits are expected to flow to the entity from the resource.
B)the resource must be controlled by the entity
C)the resource must be as a result of a past event
D)the resource must be owned by the entity

Question

Quizplus · Accepted Answer

Ownership is not a necessary characteristic for an asset. An entity can have control over an asset that it does not own, such as a leased asset. The other three characteristics listed (future economic benefits, control, and past event) are essential for an asset.

Which of the Following Is Not an Essential Characteristic for an Asset