To be recorded as an asset, an item must meet four specific conditions. Three of them are: it must have been acquired at measurable cost, it must be obtained or controlled by the entity, and it must have been obtained or controlled in a past transaction. Which one of the following is the fourth condition?
A) The item must have a measurable resale valueB) It must be expected to have future economic benefitsC) It must have been fully paid forD) The entity must have a legal document confirming ownership of the item
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Home » Business » To be recorded as an asset, an item must meet four specific conditions. Three of them are: it must have been acquired at measurable cost, it must be obtained or controlled by the entity, and it must have been obtained or controlled in a past