Which of the Following Is Not a Characteristic of an Asset,according

question 16

Multiple Choice

Which of the following is not a characteristic of an asset,according to the IASB Conceptual Framework?

• A) There is an expected future economic benefit.
• B) The entity must have ownership over the resource giving rise to the future economic benefits.
• C) The transaction or event giving rise to the ownership over future economic benefits must have occurred.
• D) The reporting entity must have control over the resource to benefit from it, or to deny or regulate the access of others to the benefit.

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Definitions:

King

A male monarch or a supreme ruler of a kingdom, traditionally inherited by birthright or lineage.

Probability Calculus

A branch of mathematics that deals with calculating the likelihood of different possible outcomes.

Negation

The logical operation that takes a proposition to its opposite in truth value, from true to false and vice versa.

Event

An occurrence or happening, particularly one of significance, that can be distinctly identified in time and space.