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AICPA CPA-Financial Exam - Topic 2 Question 49 Discussion

According to the FASB conceptual framework, which of the following is an essential characteristic of an asset?
D) An asset provides future benefits.
A) The claims to an asset's benefits are legally enforceable.
B) An asset is tangible.
C) An asset is obtained at a cost.

AICPA CPA-Financial Exam - Topic 2 Question 49 Discussion

Actual exam question for AICPA's CPA-Financial exam
Question #: 49
Topic #: 2
[All CPA-Financial Questions]

According to the FASB conceptual framework, which of the following is an essential characteristic of an asset?

Show Suggested Answer Hide Answer
Suggested Answer: D

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.


by Luisa at May 03, 2022, 09:00 PM

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Arlene
8 months ago
Legally enforceable claims are essential too!
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Karina
9 months ago
I thought all assets had to be obtained at a cost.
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Mitzie
9 months ago
Wait, are we sure it has to be tangible?
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Goldie
9 months ago
I agree, future benefits are key!
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Teddy
9 months ago
An asset definitely provides future benefits.
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Reta
9 months ago
I'm a bit unsure, but I think recording the findings in the report is the safest approach to handle this sensitive situation.
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Pansy
9 months 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.
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Minna
10 months 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.
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