The Two Recognition Criteria for the Elements of Financial Statements

question 2

Multiple Choice

The two recognition criteria for the elements of financial statements are:

• A) Faithful representation and Existence of economic benefits.
• B) Existence of economic benefits and Control.
• C) relevant and faithful representation.
• D) Probability of occurrence and Control.

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Definitions:

Cleft Palate

A congenital deformity characterized by an opening in the roof of the mouth due to incomplete joining of the palatal shelves.

ICD-10

The 10th revision of the International Statistical Classification of Diseases and Related Health Problems, a medical classification list by the WHO.

Surgery

A medical procedure involving the incision or manipulation of tissues to treat injuries or diseases.

Appendixes

Plural of appendix; supplementary material added to the end of a book, document, or article that provides additional information.