[Accounting Question]. Please help!?

Question

Discuss the difference between control and ownership in terms of the definition of an asset?

(I'm in Australia, btw?)

Answer 1

Favorite Answer

Control: The asset is owned by someone else, but is being run/used by someone else. Sort of like Management.

Ownership: the person purchased the asset and is in charge of it themselves or has opted to release control of the asset to a third party.

Answer 2

no idea ,luv U