MENU
According to the FASB conceptual framework, which of the following is an essential characteristic of an asset?
Suggested Answer: D
Get Premium CPA-Financial Questions
as Interactive Web-Based Practice Test or PDF
Real Exam Format
Detailed Explanations
Instant Access
Get Your Practice Test
Choice 'd' is correct. An asset provides future benefits.
Rule: According to the FASB conceptual framework, assets are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
8 comments · newest first
AR
Arlene
11 months ago
Legally enforceable claims are essential too!
KA
Karina
12 months ago
I thought all assets had to be obtained at a cost.
MI
Mitzie
12 months ago
Wait, are we sure it has to be tangible?
GO
Goldie
12 months ago
I agree, future benefits are key!
TE
Teddy
1 year ago
An asset definitely provides future benefits.
RE
Reta
1 year ago
I'm a bit unsure, but I think recording the findings in the report is the safest approach to handle this sensitive situation.
PA
Pansy
1 year ago
Okay, I think I've got it. The Layer 2 source address is the MAC address of the sending device, which is 90:20:C2:BC:2D:FD. The Layer 3 source address is the IP address of the sending device, which is 10.2.1.10. I'm confident in these answers.
MI
Minna
1 year ago
The key here is to use the correct syntax for referencing variables in Bash scripts. Based on my experience, the best practice is to always surround your variables with curly braces, like ${my_var}. I'll go with option A.