Question 1a) Which of the following is NOT an essential characteristic to all assets?

a) A resource owned by the entity.

b) As a result of a past event.

c) A resource controlled by the entity.

d) A present economic resource.

Question 1b) Which of the following characteristics of a company business structure is TRUE?

a) All of the other options.

b) Easy to start up.

c) Directors have limited liability.

d) A separate legal entity.