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?

AThe claims to an asset's benefits are legally enforceable.

BAn asset is tangible.

CAn asset is obtained at a cost.

DAn asset provides future benefits.

Show Suggested 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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5 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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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

5 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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AICPA CPA-Financial Exam - Topic 2 Question 49 Discussion

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