According to the AASB Framework an Asset Should Have a Number

question 1

Multiple Choice

According to the AASB 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:

Constructionist Approach

A theoretical perspective that emphasizes the role of social constructs and interactions in the creation of reality and societal norms.

U.S. Court System

The judicial system of the United States, including federal and state courts, responsible for interpreting and applying the law.

Deviant Behavior

Actions or practices that deviate from what is considered normal or acceptable by society, sometimes attracting legal or ethical sanctions.

Crime

An act or the commission of an act that is forbidden, or the omission of a duty that is commanded by a public law and that makes the offender liable to punishment by that law.