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what is an asset???

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › what is an asset???

  • This topic has 3 replies, 2 voices, and was last updated 13 years ago by Najiya.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • April 25, 2012 at 5:46 am #52360
    kate2lyn
    Member
    • Topics: 2
    • Replies: 2
    • ☆

    on the video and notes here, it says an asset is anything OWNED by the business but my teacher told us that an asset is anything CONTROLLED by the business (does not necessarily own).

    which is right?

    April 25, 2012 at 7:59 am #96776
    Najiya
    Member
    • Topics: 1
    • Replies: 93
    • ☆☆

    1)An asset is something valuable which an entity owns or has use of. (for f3, this definition is enough)
    2)An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.
    It is not necessary that an asset should be owned by the business.

    April 25, 2012 at 8:05 am #96777
    kate2lyn
    Member
    • Topics: 2
    • Replies: 2
    • ☆

    thankss 🙂 you’ve been really helpful.. i was confused when i watched the video ..

    April 25, 2012 at 8:10 am #96778
    Najiya
    Member
    • Topics: 1
    • Replies: 93
    • ☆☆

    welcome 🙂

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