In Terms of the Conceptual Framework, an Asset Is Recognised

question 32

Multiple Choice

In terms of the conceptual framework, an asset is recognised on a balance sheet if it:

• A) is capable of reliable measurement and it is probable that the asset will be realised.
• B) is owned by the entity and is capable of reliable measurement.
• C) results from a past event and is owned by the entity.
• D) provides future economic benefits.

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Definitions:

Opinions

Personal beliefs or judgments that are not necessarily based on fact or knowledge.

Valid

A term used to describe something that is logically sound, well-grounded, or legally acceptable.

Dialectical Reasoning

A method of argument for resolving disagreement that involves the exchange of propositions (theses) and counter-propositions (antitheses) resulting in a synthesis of the opposing assertions.

Opposing Points

Refers to viewpoints or arguments that are in direct contrast or opposition to each other.