Which of the Following Statements Is a Valid Argument for Not

question 32

Multiple Choice

Which of the following statements is a valid argument for not recognising heritage assets in the statement of financial position?

• A) Heritage assets provide economic benefits.
• B) The identity of the party that ultimately controls the heritage asset is not clear.
• C) The benefits derived from use of heritage assets are measured reliably.
• D) Demand for financial information on heritage assets has been clearly established.
• E) None of the given answers.

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Definitions:

Valuable Consideration

Any benefit, right, or interest that has tangible or intangible worth, which is provided by one party to another as part of a contract.

Reasonable Value

An estimated worth based on what is fair and sensible, considering the circumstances and context.

Necessaries

Items or services that are considered essential for maintaining a reasonable standard of living, such as food, clothing, and shelter.

Emancipation

The legal process through which a minor becomes self-supporting and assumes adult responsibility for their welfare.