Subsequent to the Initial Recognition of an Asset an Entity

question 11

Multiple Choice

Subsequent to the initial recognition of an asset an entity has a choice on the measurement basis to be adopted. The choice is between:

• A) cash and accrual;
• B) cost and revaluation;
• C) tax and accounting;
• D) current and non-current.

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Definitions:

Mental Impairment

A reduction in cognitive, emotional, or behavioral functioning, which may affect daily living and can be temporary or permanent.

Nondisjunction

Failure of the homologous chromosomes or sister chromatids to separate during either mitosis or meiosis; produces cells with abnormal chromosome numbers.

Homologous Chromosomes

Pair of chromosomes that have the same gene sequences, each derived from one parent.

Meiosis

A type of cell division that reduces the chromosome number by half, resulting in the production of gametes or spores in sexually reproducing organisms.