Which of the Following Is/are Essential Requirements for an Asset

question 7

Multiple Choice

Which of the following is/are essential requirements for an asset to exist for accounting purposes?

• A) (i) only
• B) (i) and (ii) only
• C) (i) and (iii) only
• D) (ii) and (iii) only

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Definitions:

Fertilization

A stage in reproduction during which an egg and a sperm fuse to create a single cell, called a zygote.

Fallopian Tube

A pair of tubes along which eggs travel from the ovaries to the uterus in the female reproductive system.

Ovum

A female reproductive cell or egg that, when fertilized by a sperm, can develop into a new organism.

Mercury

A chemical element with symbol Hg and atomic number 80, known as quicksilver, which is a liquid metal at room temperature.