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Currently,the FASB's Statements of Accounting Concepts (Nos

Question 60

Multiple Choice

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

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