According to the Framework for Preparation and Presentation of Financial

question 18

Multiple Choice

According to the Framework for Preparation and Presentation of Financial Statements of the IASB, which of the following is NOT required for asset recognition?

• A) Control of the resource
• B) Ownership of the resource
• C) Future economic benefits
• D) Reliable measurement of the cost or value of the resource

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Definitions:

Algorithms

Step-by-step procedures or formulas for solving problems or completing tasks, often used in computer programming and mathematics.

Representativeness Heuristic

A cognitive shortcut where the likelihood of an object belonging to a category is judged based on how representative it is of that category.

Belief Perseverance

Belief perseverance is the psychological phenomenon where individuals maintain a belief despite new information or evidence that contradicts or disproves it.

Algorithms

A set of rules or a process followed in calculations or problem-solving, especially by a computer.