WACE Accounting Finance ATAR Practice Questions - WACE ATAR Accounting And Finance Units 3 & 4 (SCSA Year 12 Assessment) Exam

Under the revised AASB Conceptual Framework, how is an 'asset' defined?

A physical item owned outright by the business that will generate future profit A present economic resource controlled by the entity as a result of past events A future cash inflow that is guaranteed by a legally binding contract An expenditure that has been capitalized on the balance sheet to defer expense recognition

Correct Answer:

A present economic resource controlled by the entity as a result of past events

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