Which of the Following True of Assets

question 2

Multiple Choice

Which of the following true of assets?

• A)Assets should be recognized only when it is probable that future economic benefits will flow to the enterprise.
• B)Assets should be recognized when it is probable that an outflow of resources will be required to settle them.
• C)Asset is defined as decrease in equity, other than from transactions with owners.
• D)A resource must be owned for it to be recognized an asset of the enterprise.

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Definitions:

Globalization Gap

What occurs when large multinational corporations and industrialized nations gain disproportionately from the benefits of globalization.

Corruption of Foreign Public Officials Act

Legislation enacted to prohibit individuals and businesses from bribing foreign government officials to obtain or retain business advantages.

Canadian Firms

Businesses or corporations that are registered, operate, or are headquartered in Canada, contributing to the national economy.

Transnational Corporations

Large companies that operate in multiple countries across the globe, beyond their home country’s borders.