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Which of the following is correct? A) Ownership is an essential test for an asset. B) An example of an asset is notes payable. C)
Which of the following is correct?
A) Ownership is an essential test for an asset.
B) An example of an asset is notes payable.
C) The key characteristic of an asset is that it represents a probable future economic benefit owned or controlled by the entity.
D) Liabilities represent the interest of the owners in the assets of an entity.
E) None of the above
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