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WAEC Financial Accounting 2016 Question 2

Question 2

Accounting Equation

Every asset should have

  1. A.a non-monetary value.
  2. B.tangible and intangible qualities.
  3. C.monetary cost and future benefit.
  4. D.an inadequate monetary value.
Show the answer and explanation

Answer: C (monetary cost and future benefit.)

Explanation

An asset is a resource with a measurable money cost that is expected to bring future benefit to the business.