An asset possess which of the following?
Future economic benefits for the business
All kinds of benefits for the business
Expenses for the business
Merits & demerits for the business
An asset possess future economic benefits for the business.
The gross decrease in economic benefits for business are called?
___ assets are those assets, which are acquired and held permanently in the business for future benefits, eg: plant and machinery, land and building, etc.
State True or False: The resources owned by a business entity which give future benefits are called assets.