An Expenditure Qualifies as an Asset If It Has Which

question 84

Multiple Choice

An expenditure qualifies as an asset if it has which of the following characteristics?

• A)It embodies a probable future benefit.
• B)A particular entity can obtain the benefit and control others' access to it.
• C) The transaction or other event giving rise to the entity's right to, or control of, the benefit has already occurred.
• D)The fair value of the item at the time of initial recognition can be measured with sufficient reliability.
• E)all of the above

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Definitions:

Roger Taney

An American jurist who served as the fifth Chief Justice of the United States, known for delivering the majority opinion in the Dred Scott v. Sandford case, which ruled that African Americans could not be American citizens.

Bank of the United States

Proposed by the first secretary of the treasury, Alexander Hamilton, the bank that opened in 1791 and operated until 1811 to issue a uniform currency, make business loans, and collect tax monies. The Second Bank of the United States was chartered in 1816 but President Andrew Jackson vetoed the recharter bill in 1832.

Economic Privilege

The advantages or opportunities afforded to individuals or groups resulting from their economic status or wealth.

Paper Money

Currency made from paper as opposed to metal coins, officially issued by the government as legal tender.