Which one of the following statements most accurately describes an asset?
A) Something an entity owes, the value of which can be faithfully represented.
B) Something an entity owes which will result in the transfer of cash.
C) Something an entity controls which it uses to generate cash.
D) Something an entity owns for long term use within its business.

Question

Quizplus · Accepted Answer

The Answer is C

Which One of the Following Statements Most Accurately Describes an Asset