Which of the Following Best Describes Assets

question 71

Multiple Choice

Which of the following best describes assets?

• A)Resources with possible future economic benefits owed by an entity as a result of past transactions.
• B)Resources with probable future economic benefits owned by an entity as a result of past transactions.
• C)Resources with probable future economic benefits owned by an entity as a result of future transactions.
• D)Resources with possible future economic benefits owed by an entity as a result of future transactions.

---

Definitions:

Substantially Equal Work

A principle in employment law that requires employees performing jobs that require substantially similar skill, effort, and responsibility to be paid equally, regardless of gender or other discriminatory bases.

Pay Scales

A structure of job positions and salaries within an organization, often determined by experience, education, and responsibility level.

Felony

A category of serious crimes that often carry a penalty of imprisonment for more than one year or death.

Common Law

A legal system characterized by judicial decisions that are considered as binding or precedent, alongside statutes and regulations, primarily in England and countries influenced by English law.