Which of the following is not a primary characteristic of the accounting definition of an asset?
A) The capacity to provide benefits to the entity
B) Control but not necessarily ownership
C) Representing past events
D) The ability to be reliably measured

Question

Quizplus · Accepted Answer

The ability to be reliably measured is a characteristic of recognizing an asset in financial statements, not a primary characteristic of the definition of an asset itself.

Which of the Following Is Not a Primary Characteristic of the Accounting