The Key Characteristics of an Asset as Defined in the Framework

question 48

Multiple Choice

The key characteristics of an asset as defined in the Framework include:

• A) There must be future economic benefits.
• B) The reporting entity must control the future economic benefits.
• C) The asset results from past transactions.
• D) all of the given answers.

---

Definitions:

Absolute Advantage

The ability of an entity to produce a good or offer a service at a lower cost per unit, using fewer resources, than competitors or another entity.

Specialization And Trade

The practice where individuals or entities focus on the production of specific goods or services to trade for other goods or services rather than producing everything they need by themselves.

Terms Of Trade

The ratio of an index of a country's export prices to an index of its import prices.

Bushel

A bushel is a unit of volume that is used for measuring agricultural commodities, with the exact weight varying by the type of commodity.