Accounting · Conceptual Framework
According to the Conceptual Framework for Financial Reporting, an asset is defined as:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1A physical item owned by the business
- 2A future economic obligation
- 3A present economic resource controlled by the entity as a result of past events✓
- 4A purchase made during the current period
Correct answer
A present economic resource controlled by the entity as a result of past events
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 Conceptual Framework MCQs →Want more practice questions on Conceptual Framework?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Accounting · Conceptual Framework