According to the AASB Framework an Asset Should Have a Number

question 15

Multiple Choice

According to the AASB Framework an asset should have a number of characteristics,including:

• A) It must be owned by the entity.
• B) It must be expected to provide future economic benefits to the entity.
• C) The transaction giving rise to the ownership must have already occurred.
• D) The future economic benefits must be very likely to eventuate.
• E) All of the given answers.