An Expenditure Qualifies as A(n) _____ If It Has the Following

Multiple Choice

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