Which of the following definitions best describes an asset?
A) Something the business owns
B) Something the business controls
C) Something arising from a past transaction where the future benefits will come to the business
D) Something the business owns which will provide future benefits

Question

Quizplus · Accepted Answer

An asset is defined as something arising from a past transaction where the future benefits will come to the business, as it encompasses ownership, control, and future economic benefits.

Which of the Following Definitions Best Describes an Asset