If an item of property, plant, and equipment is recognized as an asset it is probable that the company will NOT receive economic benefits from the item.

Name: If an item of property, plant, and equipment is recognized as an asset it is probable that the company will NOT receive economic benefits from the item.
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Question

Quizplus · Accepted Answer

An item of property, plant, and equipment is recognized as an asset because it is probable that future economic benefits associated with the item will flow to the company.

If an Item of Property, Plant, and Equipment Is Recognized