Accounting · International Financial Reporting Standards
According to IFRS Conceptual Framework, 'a present economic resource controlled by the entity as a result of past events' is defined as:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1An equity
- 2An expense
- 3An asset✓
- 4A liability
Correct answer
An asset
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Accounting?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice International Financial Reporting Standards MCQs →Want more practice questions on International Financial Reporting Standards?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Accounting · International Financial Reporting Standards