The Lack of a Direct Link Between Levels of Ownership

question 51

Multiple Choice

The lack of a direct link between levels of ownership and control (i.e.the degree of ownership does not,of itself,determine if an entity has control of another) :

• A) is consistent with the AASB Framework's definition of assets, which relies on control and not legal ownership.
• B) is consistent with the AASB Framework's definition of assets, which relies on legal ownership and not control.
• C) is consistent with the AASB Framework's definition of equity, which recognises investments in other entities.
• D) is consistent with the AASB Framework's definition of equity, which relies on control and not legal ownership.

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Definitions:

Pictorial Representation

A form of visual communication that uses images and symbols to represent objects, actions, or ideas.

Moving Train

A dynamic system or process in motion, often used metaphorically to describe something that is progressing or evolving.

Opposite Direction

Moving or pointing away from each other in a contrasting or reverse course.

Window View

The scenery or outlook seen through a window.