The Framework States That an Asset Should Be Recognised When

question 50

Multiple Choice

The Framework states that an asset should be recognised when and only when: (i) the asset possesses a cost or other value that can be measured reliably
(ii) it is legally owned by the entity
(iii) it is probable that the future economic benefits embodied in the asset will eventuate.

• A) (i)and (ii)only
• B) (i)and (iii)only
• C) (ii)and (iii)only
• D) (i),(ii)and (iii).

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Definitions:

Logical

Pertaining to or characterized by clear, sound reasoning or a valid inference.

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Dream

While sleeping, an individual undergoes a series of mental pictures, concepts, and sensations.

Unconscious Desire

Wishes or motivations that influence an individual's actions and thoughts without their direct awareness.