0

Subjects>Business>Accounting

Why it is that an asset is a asset?

Anonymous

∙ 14y ago

Updated: 9/16/2023

There are three characteristics that define an asset, as follows:

The entity obtained the asset in a past event/transaction.
The entity has present control over the asset.
Future economic benefit is expected to flow to the entity as a result of their possession of the asset.

Wiki User

∙ 14y ago

What else can I help you with?

Continue Learning about Accounting

Is cash float an asset or income?

asset

What is Asset Reconciliation?

Asset Reconcilation means reconcilation of asset, verifying the asset with the available cash.

Is cafe a current asset or fixed asset?

Current asset.

Is a desk a fixed asset or a current asset?

A fixed asset.

Is prepaid insurance a current asset or fixed asset?

Current Asset

Related Questions

Is livestock in case of mixed farming fixed asset or current asset or wasting asset or tangible asset?

Tangible asset

Is cash vault a financial asset or a real asset?

real asset real asset

Is cash float an asset or income?

asset

What is the formula for equity method?

dEBIT COST AS AN ASSET DEBIT EARNINGS IN ASSET CREDIT DIVIDENDS RECD IN ASSET dEBIT COST AS AN ASSET DEBIT EARNINGS IN ASSET CREDIT DIVIDENDS RECD IN ASSET dEBIT COST AS AN ASSET DEBIT EARNINGS IN ASSET CREDIT DIVIDENDS RECD IN ASSET

What is Asset Reconciliation?

Asset Reconcilation means reconcilation of asset, verifying the asset with the available cash.

Is a desk a fixed asset or a current asset?

A fixed asset.

Is cafe a current asset or fixed asset?

Current asset.

Is asset or liability?

asset

Is cash a financial asset or a real asset?

financial-current asset

Is prepaid insurance a current asset or fixed asset?

Current Asset

Is gold is fixed asset or current asset?

Current asset

What Types of fixed asset?

1)Tangible fixed asset 2)Intangible fixed asset 1)Tangible fixed asset 2)Intangible fixed asset

Trending Questions

When did you make your first financial analysis in life? What is the importance of the trial balance in the preparation of a financial statement? Where do you find tax exempt application for home depot? How much tax will be taken out of a paycheck of 10000 dollars? Is petroleum tax a direct or indirect tax? Can J2001 be billed if Cpt code 10060 is billed at same time? How does the cost of capital affect a company's capital expenditures? What doed LST on a bank statement mean? Is cash book a part of the double entry system? When do tax returns have to be in? What are expenses that are incurred directly or entirely in connection with the sale of merchandise called? How long to get tax money back from e-filing? How do you write an apology letter to sears for stealing? What does FWT mean on payroll check stub? How do you file taxes as an independent contractor? What would gift tax be on 75000.00? How long is a tax refund check good? What is the purpose of a checkbook register? Why a decrease in current asset is added to the cash flow statement? What a tax transcript show a lender?

Resources

Top Categories

Product

Company

Copyright ©2025 Answers.com. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Answers.