Which of the following statements regarding assets is not true?
A) An asset represents a probable future economic benefit.
B) Assets are obtained or controlled as a result of past or probable future transactions or events.
C) Assets reported on the balance sheet include both monetary and nonmonetary resources.
D) Assets include costs that have not yet been matched with revenues.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements regarding assets is not true?
A) An asset represents a probable future economic benefit.
B) Assets are obtained or controlled as a result of past or probable future transactions or events.
C) Assets reported on the balance sheet include both monetary and nonmonetary resources.
D) Assets include costs that have not yet been matched with revenues.

Which of the Following Statements Regarding Assets Is Not True