Multiple Choice Question

Identify the correct definition of an asset:

An asset is a resource that a business owns or controls

An asset refers to the claims of the owners

An asset is an amount owed to a creditor

Multiple Select Question

Select all that apply

According to the fraud triangle, the three factors that must exist for a person to commit fraud include $\_\_\_$ and $\_\_.($Check all that apply$).$

opportunity

motive

pressure

justification

rationalization

Multiple Select Question

Select all that apply

Generally accepted accounting principles $($GAAP$)$ wants information to have:

faithful representation

rules

relevance

conceptual history

True or False Question

Dividends are resources paid to the stockholders.

True

False