Under the Framework,assets Should Be Recognised in the Balance Sheet

question 20

Multiple Choice

Under the Framework,assets should be recognised in the balance sheet when:

• A) future economic benefits can probably be measured reliably
• B) future economic benefits are relevant, reliable and material
• C) future economic benefits are probable and cost or value can be measured reliably
• D) future economic benefits are relevant and can be measured reliably

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Definitions:

Green Beans

A type of common bean, eaten around the world, and harvested while the beans are still in their pod before they have fully matured.

Past Work

Previous employment experiences or completed assignments, often reviewed to evaluate skills, performance, or suitability for new tasks.

Statute of Frauds

A legal principle requiring certain contracts to be in writing to be legally enforceable, such as contracts for the sale of land.

Consideration

The value (such as money, service, or goods) that is promised by one party to another in exchange for performing or promising to perform an act.