The criteria for asset recognition include(s):
A)the firm owns or controls the right to use the item.
B)the right to use the item arises as a result of a past transaction or exchange.
C)the future benefit has a relevant measurement attribute that can be quantified with sufficient reliability.
D)Answers a, b and c are correct.
E)None of these answer choices is correct.

Question

Quizplus · Accepted Answer

The criteria for asset recognition include all of the options presented in choices A, B, and C. Therefore, choice D is the correct answer. Choice E is incorrect, as the other options presented are all valid criteria for asset recognition.

The Criteria for Asset Recognition Include(s)