The CICA PSA Handbook Defines a Public Sector Entity's ________________

question 22

Multiple Choice

The CICA PSA Handbook defines a public sector entity's ________________ as assets that could be used to discharge existing liabilities or finance future operations and are not for consumption in the normal course of operations.

• A)current assets
• B)non-financial assets
• C)financial assets
• D)tangible capital assets.

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Definitions:

Useful Life

The estimated duration of time over which an asset is expected to be usable by an organization, influencing depreciation calculations.

Economic Value

The assessment of value that a good or service offers to an economic entity.

Operating Cost

Expenses associated with the day-to-day operations of a business, including costs for materials, labor, and overhead.

Useful Life

The estimated period over which a fixed asset is expected to be usable for the purpose it was acquired.