1)Which of the following characteristics must an economic resource have in order to be classified as an asset? the access to the asset must be under the control of the business entity o the resource was acquired as a result of a past transaction o the resource must have future service potential O of the above D 20 2) If a gain is expected from the sale of a component of a business, the estimated gain should be recorded O at the date the board of directors adopts the plan of disposal when realized, the disposaldate O as unearned revenue until the date of disposal O directly to retained earnings at the disposaldate

1)Which of the following characteristics must an economic resource have in order to be classified as an asset?

Answer :- d. all of the above.

The following characteristics must an economic resource have in order to be classified as an asset:-

1. The access to the asset must be under the control of the business entity.

2. The resource was acquired as a result of past transaction.

3. The resource must have future service potential.

2)

The correct answer is: when realized, the disposal date

Explanation: Gain from sale of a component of business to be reported when realized in the income statement separately from continuing operations.