Which of the Following Is NOT an Essential Characteristic of an Asset

question 14

Multiple Choice

Which of the following is NOT an essential characteristic of an asset?

• A) It must be legally owned by the entity.
• B) The entity must have control over the asset.
• C) The transaction giving the entity control over the asset must have occurred.
• D) It is probable that future economic benefits will flow to the entity.

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Definitions:

Authorities

Denotes the organizations or governing bodies with the power to make decisions, enforce laws, and implement policies in a society.

Resistance

The refusal to accept or comply with something; in social contexts, it often relates to opposition against policies, norms, or changes perceived as unjust.

Autonomy

Refers to the capacity to make informed, uncoerced decisions independently.

Shame and Doubt

Phases in early child development theorized by Erik Erikson, where children learn to develop autonomy while also experiencing feelings of shame and doubt about their actions.