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

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.

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Answer #1

Q1a
Answer is a. A resource owned by the entity

Q1b
Answer is a. All of the other options
Since directors have limited liability, and it is a separate legal entity which is also easy to form

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