AASB 117 Defines the Benefits of Ownership to Include

question 66

Multiple Choice

AASB 117 defines the benefits of ownership to include.

• A) Those obtainable from the insurance claims associated with it.
• B) Those obtainable from gains in the realisable value of the asset.
• C) Those obtainable from the profitable use of the asset.
• D) Those obtainable from gains in the realisable value of the asset and those obtainable from the profitable use of the asset.
• E) All of the given answers.

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Definitions:

Network Capable

Able to connect and operate within a network, allowing for communication and data exchange between networked devices.

Electronic Device

A device that uses electricity to perform a function, such as a smartphone or laptop.

Computer

An electronic device designed to accept data, perform prescribed mathematical and logical operations at high speed, and display the results of these operations.

Grid Computing

A type of distributed computing where a virtual supercomputer is composed of a cluster of networked, loosely-coupled computers, working together to perform large tasks.