For an Asset to Be Classified as an Identifiable Intangible,AASB

question 16

Multiple Choice

For an asset to be classified as an identifiable intangible,AASB 138 Intangibles requires that it meet which of the following criteria?
I.It arises from a contractual or legal right.
II.Its fair value must be able to be reliably measured.
III.It is separable from the entity.
IV.Its cost must reliably measurable.

• A)I or IV only
• B)I or II only
• C)II or III only
• D)I or III only.

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Definitions:

Inelastic

Characterized by a low responsiveness of quantity demanded or supplied when there is a price change, signifying that changes in price have minimal impact on consumers' purchasing behavior.

Price Elastic

Describes a situation where the demand or supply of a good or service is highly sensitive to changes in price.

Measures

Measures refer to quantitative tools or methods used for assessing, comparing, or tracking performance or progress.

Elasticity

A measure of how much the quantity demanded or supplied of a good or service changes in response to changes in price, income, or other factors.