Which of the Following Defines Assets

question 48

Multiple Choice

Which of the following defines assets?

• A) Probable future economic benefits owned by an entity as a result of past transactions.
• B) Possible future economic benefits owed by an entity as a result of past transactions.
• C) Probable future economic benefits owned by an entity as a result of future transactions.
• D) Possible future economic benefits owed by an entity as a result of future transactions.

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Definitions:

High Energy Level

A state of having a great amount of physical or mental vitality.

Internal Locus

Refers to the belief that individuals control their own destiny and outcomes through their actions and efforts.

High Need

A strong requirement or desire for something, often essential for an individual's well-being or the successful operation of an organization.

Flexibility

The ability of an organization or individual to adapt to changes, challenges, or new requirements with ease.