An asset is defined in the conceptual framework as:
A) a resource controlled by the entity as a result of past events
B) a resource controlled by the entity as a result of future events and from which possible future economic benefits may flow to the entity.
C) a resource controlled by the entity from which future economic benefits are expected to flow to the entity.
D) a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.

Question

Quizplus · Accepted Answer

An asset, according to the conceptual framework, is defined as a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. This definition emphasizes control due to past events and the expectation of receiving future economic benefits.

An Asset Is Defined in the Conceptual Framework As