Homework answers / question archive / Which of the following characteristics must an economic resource have in order to be classified as an asset? O 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 the resource must have future service potential all of the above Question 5 2 pts A deficit is the deficiency when capital stock is issued for less than par O negative retained earnings O appropriated retained earnings O an excess of liabilities over assets Question 6 2 pts Comprehensive income consists of O net income + other adjustments to retained earnings O operating income + other income and losses net income + other comprehensive income O other comprehensive income + unrealized changes in the value of available for sale securities

Which of the following characteristics must an economic resource have in order to be classified as an asset? O 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 the resource must have future service potential all of the above Question 5 2 pts A deficit is the deficiency when capital stock is issued for less than par O negative retained earnings O appropriated retained earnings O an excess of liabilities over assets Question 6 2 pts Comprehensive income consists of O net income + other adjustments to retained earnings O operating income + other income and losses net income + other comprehensive income O other comprehensive income + unrealized changes in the value of available for sale securities

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Which of the following characteristics must an economic resource have in order to be classified as an asset? O 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 the resource must have future service potential all of the above Question 5 2 pts A deficit is the deficiency when capital stock is issued for less than par O negative retained earnings O appropriated retained earnings O an excess of liabilities over assets Question 6 2 pts Comprehensive income consists of O net income + other adjustments to retained earnings O operating income + other income and losses net income + other comprehensive income O other comprehensive income + unrealized changes in the value of available for sale securities