To appear in a balance sheet of a business entity,an asset need not:
A)Be an economic resource.
B)Have a ready market value.
C)Be expected to benefit future operations.
D)Be owned by the business.

Question

Quizplus · Accepted Answer

An asset does not need to have a ready market value to appear on a balance sheet. The key criteria for an asset to be recognized include being an economic resource, expected to benefit future operations, and being owned by the business. The ready market value is not a requirement for recognition on the balance sheet, as some assets may not have an easily determinable market value yet still provide economic benefits to the entity.

To Appear in a Balance Sheet of a Business Entity,an