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