The common characteristic possessed by all assets is:

1. Not long life. While some assets, like buildings or land, may have a long life, others, like inventory or cash, do not.

2. Not great monetary value. While some assets may have great monetary value, others may not. For example, a small amount of office supplies is still considered an asset.

3. Not tangible nature. While many assets are tangible (like machinery or buildings), others are intangible (like patents or trademarks).

4. Future economic benefit. This is the correct answer. An asset is defined as a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. This means that all assets, regardless of their nature, are expected to provide some form of future economic benefit to the entity that controls them.

Question

The common characteristic possessed by all assets is:

1. Not long life. While some assets, like buildings or land, may have a long life, others, like inventory or cash, do not.

2. Not great monetary value. While some assets may have great monetary value, others may not. For example, a small amount of office supplies is still considered an asset.

3. Not tangible nature. While many assets are tangible (like machinery or buildings), others are intangible (like patents or trademarks).

4. Future economic benefit. This is the correct answer. An asset is defined as a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. This means that all assets, regardless of their nature, are expected to provide some form of future economic benefit to the entity that controls them.

Knowee AI · Accepted Answer

The common characteristic possessed by all assets is:

1. Not long life. While some assets, like buildings or land, may have a long life, others, like inventory or cash, do not.

2. Not great monetary value. While some assets may have great monetary value, others may not. For example, a small amount of office supplies is still considered an asset.

3. Not tangible nature. While many assets are tangible (like machinery or buildings), others are intangible (like patents or trademarks).

4. Future economic benefit. This is the correct answer. An asset is defined as a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. This means that all assets, regardless of their nature, are expected to provide some form of future economic benefit to the entity that controls them.

The common characteristic possessed by all assets is: Group of answer choices long life. great monetary value. tangible nature. future economic benefit.

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The common characteristic possessed by all assets is:

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