Question

The common characteristic possessed by all assets is A) long life. B) great monetary value. C)...

The common characteristic possessed by all assets is

A) long life.

B) great monetary value.

C) tangible nature.

D) future economic benefit.

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Answer #1

A) Not all assets have long life such as current assets, they are only for one year or less than one year, no longer than that.

B) All assets doesn't possess great monetary value. For example: current assets are not of higher monetary value.

C) There are intangible assets as well such as goodwill, patent, copyright etc.

D) This is true, all assets result in future economic benefits even if it is tangible or intangible, long life or short.

Therefore, all assets have one common characteristic that is Future Economic Benefit.

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