[Accounting Question]. Please help!?

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

(I'm in Australia, btw?)

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  • 1 decade ago
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    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

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