WAEC Accounting 2016 Objective — Question 2

Question 2 of 50 from the West African Examinations Council (WAEC) Accounting 2016 Objective paper, with the correct answer and a full explanation.

2. Every asset should have A. a non-monetary value B. tangible and intangible qualities C. monetary cost and future benefit D. an inadequate monetary value

A. a non-monetary value
B. tangible and intangible qualities
C. monetary cost and future benefitCorrect
D. an inadequate monetary value

Explanation

Assets must be quantifiable in monetary terms and also have future benefit it serves.

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