BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
an economic resources that’s expected to benefit future operations
|
|
|
something with physical form that’s valued at cost in the accounting records
|
|
|
something owned by a business that has a ready market value
|
|
|
an economic resource representing cash or the right to receive cash in the future
|
Detailed explanation-1: -Explanation: Assets are resources that are expected to provide future economic benefits to a company, either through cash flows or through their use.
Detailed explanation-2: -The term for an economic resource that is expected to benefit the future is assets. The asset refers to the item or property owned by the organization that has money value and is beneficial to the company in the future. Assets are one of the resources which have economic value.
Detailed explanation-3: -Assets. 53 The future economic benefit embodied in an asset is the potential to contribute, directly or indirectly, to the flow of cash and cash equivalents to the entity. The potential may be a productive one that is part of the operating activities of the entity.
Detailed explanation-4: -An asset is anything that has current or future economic value to a business. Essentially, for businesses, assets include everything controlled and owned by the company that’s currently valuable or could provide monetary benefit in the future. Examples include patents, machinery, and investments.
Detailed explanation-5: -"Assets” are future economic benefits controlled by the entity as a result of past transactions or other past events.