An expenditure qualifies as a(n) _____ if it has the following characteristics: 1 . It embodies a probable future benefit. 2 . A particular entity can obtain the benefit and control others' access to it. 3 . The transaction or other event giving rise to the entity's right to, or control of, the benefit has already occurred. 4 . The fair value of the item at the time of initial recognition can be
measured with sufficient reliability.
a. asset
b. liability
c. shareholders' equity
d. revenue
e. expense
A
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