Question: APB Statement 4 defines assets in the following terms: Assets are economic resources of an enterprise that are recognized and measured in conformity with generally

APB Statement 4 defines assets in the following terms: “Assets are economic resources of an enterprise that are recognized and measured in conformity with generally accepted accounting principles. Assets also include certain deferred charges that are not resources but that are recognized and measured in conformity with generally accepted accounting principles.” Do you think this is a useful definition? Why or why not?

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