The FASB's conceptual framework defines a(n) _____ as a probable future economic benefit obtained or controlled by a particular entity as a result of a past transaction or event.
A)asset
B)liability
C)equity
D)revenue
E)expense

Question

Quizplus · Accepted Answer

According to the FASB's conceptual framework, an asset is a probable future economic benefit obtained or controlled by a particular entity as a result of a past transaction or event. This can include tangible assets such as property and equipment, as well as intangible assets such as patents or trademarks.

The FASB's Conceptual Framework Defines A(n) _____ as a Probable