According to FASB Concept Statement No

question 82

True/False

According to FASB Concept Statement No.5,Recognition and Measurement in Financial Statements of Business Enterprises,an asset is recognized when the benefit of another asset has been reduced or when a liability has been incurred.

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Definitions:

Controlled Disbursements

A cash management technique where companies strategically issue payments to regulate their cash outflows and maximize the available cash.

Junior Subsidiary

A subsidiary that ranks below other subsidiaries in claim on assets and earnings.

Parallel Payments

Transactions where payment is made through duplicating payment streams, allowing for simultaneous settlements in different currencies or systems.

Credit Scoring

A statistical analysis performed by lenders and financial institutions to assess a person's creditworthiness and determine the likelihood of loan repayment.