An Asset Should Be Recognised in the Financial Statements When

question 39

Multiple Choice

An asset should be recognised in the financial statements when:

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

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Definitions:

Somatic

Pertaining to the body, especially as distinct from the mind or the emotions.

Central

The core or most important part; in many contexts, it can refer to the central nervous system which includes the brain and spinal cord.

Growth Hormones

Proteins secreted by the pituitary gland that stimulate growth, cell reproduction, and cell regeneration in humans and other animals.

Intelligence

The ability to use knowledge to reason, make decisions, make sense of events, solve problems, understand complex ideas, learn quickly, and adapt to environmental challenges.