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

question 8

Multiple Choice

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

• A) 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:

RMBCA

Stands for the Revised Model Business Corporation Act, which is a model set of laws proposed to standardize the regulation of corporations across the United States.

Adopted

Refers to the acceptance or taking on of something, such as a law, resolution, amendment, or child, as one's own.

Preincorporation Subscription

Agreements made by investors to purchase stock in a corporation prior to its formation.

Capital Stock

The total amount of shares a company is authorized to issue, representing the equity stake of its owners.