Which of the following does NOT represent an essential characteristic of an asset?
A. There is some economic benefit to the entity.
B. The entity is able to transfer the economic benefit if it so chooses.
C. The entity has control over the economic benefit.
D. The benefits result from a past transaction or event.
Answer:B
Which of the following does NOT represent an essential characteristic of an asset?
A. There is some economic benefit to the entity. B. The entity is able to transfer the economic benefit if it so chooses. C. The entity has control over the economic benefit. D. The benefits result from a past transaction or event.