The Framework's Recognition Criteria Provides That "An Asset Is Recognised

question 17

Multiple Choice

The Framework's recognition criteria provides that "an asset is recognised in the balance sheet when it is ________ that the future economic benefits will flow to the entity and the asset has a cost or value that can be measured __________.

• A)possible; reliably.
• B)probable; accurately.
• C)probable; reliably.
• D)certain; accurately.
• E)None of the given answers.

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Definitions:

Customers Served

The number of clients or customers who receive services or products from a business within a specified time frame.

Revenue

The total amount of money received by a company for goods sold or services provided during a certain period of time.

Spending Variances

Differences between the actual and budgeted amounts of money spent during a period.

Customers Served

The total number of unique customers who receive services or products from a business during a specific period.