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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