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Which one of the following statements concerning assets is most correct? a . Physical form is essential to the existence of an asset. b .
Which one of the following statements concerning assets is most correct? a Physical form is essential to the existence of an asset. b Ownership is essential to recognise an asset in the financial statements. Control of an asset by the entity is not essential. Assets can be obtained by purchasing them, producing them or they may be received as a donation. 
Which one of the following statements concerning assets is most correct?
a Physical form is essential to the existence of an asset.
b Ownership is essential to recognise an asset in the financial statements.
Control of an asset by the entity is not essential.
Assets can be obtained by purchasing them, producing them or they may be received as a donation.
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