For a Firm to Recognize an Asset

Multiple Choice

For a firm to recognize an asset

A) a resource must represent a future economic benefit that the firm controls as a result of a past transaction or exchange.
B) the firm must be able to measure the resource with sufficient reliability.
C) must impose a future economic sacrifice because of a past event or transaction that the firm has little or no discretion to avoid.
D) Both choices a and b are correct.
E) None of these answer choices is correct.