Which of the following best defines an asset?
A)Something with physical form that is valued at cost in the accounting records.
B)An economic resource owned by a business and expected to benefit future operations.
C)An economic resource representing cash or the right to receive cash in the near future.
D)Something owned by a business that has a ready market value.

Question

Quizplus · Accepted Answer

An asset is an economic resource owned by a business that is expected to benefit future operations. This definition includes both tangible and intangible assets, and values them at either cost or fair market value in the accounting records. Options A, C, and D are all partial definitions of assets, but do not fully capture the concept.

Which of the Following Best Defines an Asset