Which of the following are the three essential criteria in the definition of an asset: $\begin{array}{llll}
\text { I. } & \text { Future sacrifices of economic } & \text { IV. } & \text { Past event. } \
&\text { benefits } & & \
\text { II. } & \text { Future economic benefits. } & \text { V. } & \text { Ownership. } \
\text { III. } & \text { Present obligation. } & \text { VI. } & \text { Control. }
\end{array}$
A) I, III, VI.
B) II, IV, VI.
C) II, III, VI.
D) I, III, V.

Question

Quizplus · Accepted Answer

The three essential criteria in the definition of an asset are II. Future economic benefits, IV. Past event, and VI. Control. These elements are crucial for recognizing an asset in accounting, indicating that the asset is expected to provide future economic benefits to the entity as a result of a past event, and the entity has control over these benefits.

Which of the Following Are the Three Essential Criteria in the Definition