Which of the Following Is/are Essential Requirements for an Asset

question 7

Multiple Choice

Which of the following is/are essential requirements for an asset to exist for accounting purposes?

• A) (i) only
• B) (i) and (ii) only
• C) (i) and (iii) only
• D) (ii) and (iii) only

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Definitions:

Labor Unions

Organizations formed by workers to protect their rights and interests in their employment.

Justice Theorist

A scholar or philosopher who studies the principles of justice, exploring concepts such as fairness, equality, and moral rightness in society.

Human Right

Fundamental rights and freedoms to which all individuals are entitled, irrespective of nationality, sex, ethnic origin, religion, or any other status.

Net Welfare

The overall well-being or prosperity of a society, considering all economic, social, and environmental factors, minus any costs or negative impacts.