[Accounting Question]. Please help!?
Discuss the difference between control and ownership in terms of the definition of an asset?
(I'm in Australia, btw?)
- 1 decade agoFavorite 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.
- 1 decade ago
no idea ,luv U