Which of the Following Is/are a Criteria for Asset Recognition

question 9

Multiple Choice

Which of the following is/are a criteria for asset recognition under the FASB's and IASB's conceptual framework?

• A)The firm owns or controls the right to use the asset.
• B)The right to use the item arises as a result of a past transaction or exchange.
• C)The future benefit has a relevant measurement attribute that a firm can quantify with sufficient reliability.
• D)all of the above
• E)none of the above

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Definitions:

Stimulus

Any event or situation that evokes a response or reaction, in psychology often referred to in the context of stimulus-response theory.

PIPEDA

Stands for Personal Information Protection and Electronic Documents Act, a Canadian law governing data privacy for private sector personal information.

Suppliers

Businesses or individuals providing goods or services to other entities under agreed-upon terms.

Contractors

Individuals or companies that undertake contracts to provide services or perform work, typically in construction or other industries requiring specialized skills.