Under ASPE, When Deciding Whether to Recognize a Financial Statement

question 54

Multiple Choice

Under ASPE, when deciding whether to recognize a financial statement element (or not) , and how to measure it, the accountant should

• A) always use estimates.
• B) record "hard" numbers and ignore "soft" numbers.
• C) determine an acceptable level of uncertainty.
• D) recognize a financial statement element even if it cannot be measured.

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Definitions:

Physical Development

The process that starts in human infancy and continues into late adolescent concentrating on gross and fine motor skills as well as puberty.

Hips And Legs

Parts of the body involved in support, movement, and stability, with hips connecting the torso to the lower limbs and legs facilitating locomotion.

Shoulders And Arms

Parts of the human body where the upper limbs (arms) are connected to the torso via the shoulder joints.

Control

In experimental research, the standard that the experiment is compared against. It can also refer to the power to influence or direct people's behavior or the course of events.