Which of the following attributes are essential for a resource to be recognised as an asset? (i)
Question:
Which of the following attributes are essential for a resource to be recognised as an asset?
(i) It must be owned by the entity and remain in its custody
(ii) It must be within the entity’s control
(iii) Its control should have been established by a past transaction or event
(iv) There must be reasonable assurance of flow of future economic benefits
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Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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