In order for an asset to be recognized in the financial statements, which of the following definition is consistent with the IASB framework? Select one: a. Asset is a resource controlled by the entity from which future economic benefits are expected to flow to the entity. b. Asset is 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. c. Asset is a resource controlled by the entity as a result of future events and from which future economic benefits are expected to flow to the entity. d. Asset is a resource controlled by the entity as a result of present events and from which future economic benefits are expected to flow to the entity.
In order for an asset to be recognized in the financial statements, which of the following definition is consistent with the IASB framework? Select one: a. Asset is a resource controlled by the entity from which future economic benefits are expected to flow to the entity. b. Asset is 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. c. Asset is a resource controlled by the entity as a result of future events and from which future economic benefits are expected to flow to the entity. d. Asset is a resource controlled by the entity as a result of present events and from which future economic benefits are expected to flow to the entity.
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter17: Other Services Provided By Audit Firms
Section: Chapter Questions
Problem 15MCQ
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Question
In order for an asset to be recognized in the financial statements, which of the following definition is consistent with the IASB framework?
Select one:
a.
Asset is a resource controlled by the entity from which future economic benefits are expected to flow to the entity.
b.
Asset is 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.
c.
Asset is a resource controlled by the entity as a result of future events and from which future economic benefits are expected to flow to the entity.
d.
Asset is a resource controlled by the entity as a result of present events and from which future economic benefits are expected to flow to the entity.
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