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Which of the following does not necessarily need to be true for something to be treated as an asset in an entity’s statement of financial position?

Which of the following does not necessarily need to be true for something to be treated as an asset in an entity’s statement of financial position?
A . It has arisen as a result of a past transaction or event
B . It is legally owned by the entity
C . The right of access to it is controlled by the entity
D . It has probable future economic benefit

Answer: B

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