Which of the Following Is an Essential Requirement for an Asset

question 21

Multiple Choice

Which of the following is an essential requirement for an asset to exist for accounting purposes?

• A) An asset must be tangible.
• B) An asset must have been exchanged for another asset.
• C) An asset must be under the control of the entity.
• D) An asset must have been acquired at a cost to the entity.

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Definitions:

Point-Of-Purchase

The location or moment where a transaction takes place, often used in marketing to describe strategic placements of advertisements or promotions.

Sales Technology

Tools and software solutions designed to enhance the efficiency and effectiveness of sales processes, including customer relationship management (CRM) systems and sales automation tools.

Order Processing

The sequence of steps involved in receiving and fulfilling customer orders for products or services.

Trade Sales Promotion

A promotion that encourages resellers to purchase and aggressively sell a manufacturer’s products by offering incentives like sales contests, displays, special purchase prices, and free merchandise.