Which of the following items below does not meet the definition of an asset?
A)A building owned and used by a company
B)Equipment that is owned and used by a company
C)Publicly available water used by a farm to water its crops
D)None of the above

Question

Quizplus · Accepted Answer

Assets are defined as resources that are owned or controlled by a company that are expected to provide future economic benefits. While the building and equipment in choices A and B meet this definition, the publicly available water in choice C does not, as it is not owned or controlled by the company and does not provide economic benefits in the same way as a physical asset.

Which of the Following Items Below Does Not Meet the Definition