Which of the following is/are true?
A)Not all future benefits qualify as assets.
B)All assets provide future benefits.
C)Not all future benefits are assets.
D)Answers a, b, and c are correct.
E)None of these answer choices is correct.

Question

Quizplus · Accepted Answer

All statements are correct. Not all future benefits qualify as assets because for something to be recognized as an asset, it must meet certain criteria such as identifiability, control, and the ability to generate future economic benefits. While all assets are indeed expected to provide future benefits, not every potential future benefit qualifies as an asset under accounting standards.

Which of the Following Is/are True