According to the IASB Conceptual Framework an Asset Should Have

question 49

Multiple Choice

According to the IASB Conceptual Framework an asset should have a number of characteristics,including:

• A)It must be owned by the entity.
• B)It must be expected to provide future economic benefits to the entity.
• C)The transaction giving rise to the ownership must have already occurred.
• D)The future economic benefits must be very likely to eventuate.

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Definitions:

Theory X Manager

Describes a management style that assumes employees are inherently lazy and need to be closely supervised and controlled.

Worker Involvement

The participation or engagement of employees in the decision-making processes and operations of their workplace.

Decision Making

The cognitive process of selecting a course of action from among multiple alternatives.

Job Rotation

A strategy where employees rotate between different jobs within an organization, allowing them to gain experience and skills in various areas.