The recognition of an element of a financial statement is:
A) a description of the element in the notes to the financial statement
B) an action or process to record the transaction or event in the accounting records
C) a statement identifying the characteristics that an element must have
D) both A and C
Correct Answer:
Verified
Q2: How is the concept of aggregation best
Q3: Which of the following is not an
Q4: The key characteristic used by the Framework
Q5: The estimated current net market value of
Q6: In accounting,'value' can mean:
A) historical cost
B) market
Q7: Under the Framework,a transport company does not
Q8: AASB 137 'Provisions,Contingent Liabilities and Contingent Assets'
Q9: The Framework defines assets as:
A) resources controlled
Q10: Which of these is not an essential
Q11: Under the Framework,assets should be recognised in
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