According to the Conceptual Framework, Recognition of an Asset Occurs

question 1

Multiple Choice

According to the Conceptual Framework, recognition of an asset occurs if it is probable that future economic benefits will flow to the entity and:

• A) it has a value that can be measured with reliability.
• B) it is a non-current asset.
• C) it has a value that can be measured with certainty.
• D) it is a current asset.

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Definitions:

Registration

The act of recording something officially with a relevant authority or body.

Trademark Protection

Legal rights granted to the owner of a trademark to prevent others from using a similar mark that can be confusing for consumers.

Patent Application

A formal request submitted to a patent office for the grant of a patent for the invention described and claimed by the applicant.

Trademark Act

Legislation that governs the registration, protection, and use of trademarks to distinguish goods or services in the market.