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Why it is that an asset is a asset?

Anonymous

∙ 15y 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

∙ 15y ago

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