To Fulfil the IASB (AASB)Framework Criteria That an Asset Must

question 14

Multiple Choice

To fulfil the IASB (AASB) Framework criteria that an asset must have 'future economic benefits' which of the following criteria must be met?
i.It must be scarce
ii.It must have utility
iii.It must be capable of generating cash inflows to the entity

• A)i,ii,
• B)i,iii
• C)i,ii,ii
• D)iii

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Definitions:

Stage Theory

A psychological theory that proposes individuals go through distinct and sequential stages of development across their lifespan.

Cognitive Development

The process by which individuals acquire and evolve in their ability to think, reason, and understand their world.

Guided Participation

A learning process where more knowledgeable individuals help to structure activities so that less experienced learners can participate and gain understanding.

Cognitive Development

The process by which individuals acquire, develop, and utilize thinking skills, from infancy through adulthood.