AASB 117 Defines the Benefits of Ownership to Include

question 66

Multiple Choice

AASB 117 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.
• E) All of the given answers.

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Definitions:

Rational Choice Theory

An economic principle that assumes individuals always make decisions that provide them with the highest level of personal utility.

Positivism

A philosophical theory stating that certain ("positive") knowledge is based on natural phenomena and their properties and relations as verified by the empirical sciences.

Rational Actors

Individuals or entities that make decisions based on logical reasoning, often within the context of economic theory, aiming to maximize utility or benefit.

Exchange Theory

A social theory that views interactions and relationships as transactions where individuals seek to maximize rewards and minimize costs.