Which of the Following Is NOT One of the Recognition

question 14

Multiple Choice

Which of the following is NOT one of the recognition criteria contained within AASB 141 in relation to recognition of a biological asset or agricultural produce as an asset?

• A) the asset has physical form
• B) the entity controls the asset as a result of past events
• C) it is probable that future economic benefits associated with the asset will flow to the entity
• D) the fair value or cost can be reliably measured

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Definitions:

Legislation

Laws and statutes enacted by a legislative body to regulate, authorize, sanction, grant, declare, or restrict.

Charter

A formal document that establishes a municipality, organization, or corporation, outlining its rights, privileges, and purpose.

Principles of Justice

Fundamental ethical and moral considerations that guide the fair and equitable treatment in the law.

Life, Liberty

Core principles often associated with personal freedoms and rights protected by law and constitutions.