Which of the Following Is True of Assets

question 42

Multiple Choice

Which of the following is 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.

Describe the role of environmental and personal factors in shaping personality through concepts such as reciprocal determinism.

Learn how psychologists utilize various methods and tests, including personality inventories, to study and evaluate personality traits.

Understand the criticisms and limitations of different psychological perspectives and theories.

Explain the concept of learned helplessness and its implications for motivation and behavior.

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Definitions:

Labor Efficiency Variance

The difference between the actual hours worked and the standard hours worked, multiplied by the standard labor rate.

Standard Hours

A measure used in accounting to indicate the expected amount of time required to complete a task or project.

Actual Hours

The total time spent on a specific task or job by workers, typically measured in hours.

Variable Overhead Efficiency Variance

The difference between the standard cost of variable overhead allocated to production and the actual variable overhead incurred, based on the efficient use of the allocation base, such as labor-hours.