Which of the Following Is/are Essential Requirements for an Asset

question 20

Multiple Choice

Which of the following is/are essential requirements for an asset to exist for accounting purposes?

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

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Definitions:

Pyroclastic Flows

Fast-moving currents of hot gas and volcanic materials that flow down the slopes of a volcano during an explosive eruption.

Caldera Collapse

The sinking of a volcano's summit, forming a large, bowl-shaped depression, typically following the emptying of the magma chamber in a major eruption.

Dome Formation

The upward bulging of the earth's surface to form a dome, often due to magma pushing upwards.

Eruption Column

A cloud of super-heated ash, gas, and volcanic debris that rises above a volcano during an explosive eruption.