Which of the Following Is/are Essential Requirements for an Asset

question 20

Multiple Choice

Which of the following is/are essential requirements for an asset to exist for accounting purposes?
(i) The entity must be able to control the future economic benefits associated with the item.
(ii) The entity must be the legal owner of the item.
(iii) The entity must have purchased the item.

• A) (i)only
• B) (i)and (ii)only
• C) (i)and (iii)only
• D) (ii)and (iii)only.

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Definitions:

Personality

The unique set of emotional, thought, and behavioral patterns that define an individual’s character and the way they interact with the world around them.

Tension Reduction

A process or techniques aimed at decreasing stress, anxiety, or discomfort in individuals.

Predetermined

The concept that certain events or outcomes are fixed in advance and individuals have little or no control over them.

Fully Functioning Person

A term coined by Carl Rogers to describe an individual who is continually working toward becoming self-actualized, living authentically in each moment.