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Which is a component of the definition of an asset

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Reference no: EM132951636

Problem 1: Which of the following is a component of the definition of an asset?

a. An asset is a resource owned by an entity.

b. Ownership of the resource arises as a result of past events.

c. The resource has the potential to produce economic benefits.

d. All of these choices.

Problem 2: The balance sheet and the income statement are both important reports, however the income statement is more important than the balance sheet.

True

False

Reference no: EM132951636

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