Currently, the FASB's Statements of Accounting Concepts (Nos. 5 and 6) define an asset as having all of the following characteristics except:
a. costs not guided by management's judgment
b. probable future benefits
c. resulting from past transactions and events
d. something that is obtained/controlled by the entity
A
You might also like to view...
The consumer decision-making process usually involves both rational and emotional factors
Indicate whether the statement is true or false
Conversion costs are usually incurred evenly throughout a process
Indicate whether the statement is true or false
Which of the following is true of a franchise that was terminated-at-will by a franchisor?
A) The franchisee can only recover damages. B) The franchisor cannot be held liable for a termination-at-will. C) The franchisee cannot apply for a franchisee again in the same field of business. D) The franchisee can sue to recover damages and the franchise.
A strategy in which employees of a service company are hired as contractors to work for a certain number of hours per year for fixed sum of money is called ______.
a. subcontracting b. outsourcing c. annualized hours strategy d. monthly hours strategy