Resources controlled by an entity as a result of past events that are expected to provide future economic benefits is the AASB's definition of:
A)assets.
B)gains.
C)owners' equity.
D)revenue.

Question

Quizplus · Accepted Answer

The given definition clearly describes assets, which are resources owned by an entity and expected to generate economic benefits in the future. Gains, owners' equity, and revenue are all related to the financial performance of an entity but do not fit this definition of assets.

Resources Controlled by an Entity as a Result of Past