Which of the Following Are the Three Essential Criteria in the Definition

question 7

Multiple Choice

Which of the following are the three essential criteria in the definition of an asset: $\begin{array}{llll}\text { I. } & \text { Future sacrifices of economic } & \text { IV. } & \text { Past event. } \\&\text { benefits } & & \\\text { II. } & \text { Future economic benefits. } & \text { V. } & \text { Ownership. } \\\text { III. } & \text { Present obligation. } & \text { VI. } & \text { Control. }\end{array}$

• A) I, III, VI.
• B) II, IV, VI.
• C) II, III, VI.
• D) I, III, V.

---

Definitions:

Fraudulent Misstatements

False or misleading statements made intentionally to deceive others.

Stop-payment Order

A request made to a bank by an account holder to not pay a check that has been issued or to halt a payment that has been preauthorized.

Holder In Due Course

A term relating to negotiable instruments, denoting a party that has received an instrument in good faith, for value, and without notice of any defects or claims against it.

Intermediary Banks

Financial institutions that serve as a middleman between the payer and the payee in transactions, particularly in international wire transfers.