AICPA Exam CPA-Financial 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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