IAS 17 Defines the Benefits of Ownership to Include

question 12

Multiple Choice

IAS 17 defines the benefits of ownership to include:

• A)those obtainable from the insurance claims associated with it.
• B)those obtainable from gains in the realisable value of the asset.
• C)those obtainable from the profitable use of the asset.
• D)those obtainable from gains in the realisable value of the asset and those obtainable from the profitable use of the asset.

Distinguish between cases of intentional fraud and innocent misrepresentation and their legal consequences.

Comprehend the requirements and conditions under which a contract can be rescinded due to misrepresentation.

Recognize the difference between concealment and nondisclosure in contract law.

Identify the remedies available for misrepresentation and fraud in contracts.

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Definitions:

Positive Leadership

Leadership that focuses on leader behaviours and interpersonal dynamics that increase followers’ confidence and result in positive outcomes beyond task compliance.

Transactional Leadership

Transactional Leadership is a style of leadership that focuses on supervision, organization, and performance; leadership is based on a system of rewards and punishments.

Stewardship

The responsible management and care of something, often referring to the wise use and protection of resources or property for the benefit of future generations.

Servant Leadership

A leadership approach where the primary objective of the leader is to be of service, distinguishing it from conventional leadership focused on the prosperity of their company or organization.