'Recognised' in relation to asset disclosure may be defined as meaning:
A) Disclosed in the notes to the accounts but not reported on, or incorporated in amounts reported on the face of the balance sheet.
B) Classified according to nature or type within liquidity categories based on the operating cycle of the reporting entity.
C) Reported on, or incorporated in amounts reported on, the face of the balance sheet.
D) Familiar, of well-known usefulness.
E) None of the given answers.

Question

Quizplus · Accepted Answer

When an asset is recognized in relation to asset disclosure, it means that it is reported on, or incorporated in the amounts reported on the face of the balance sheet. Choices A and B involve disclosure but not necessarily recognition, while choice D is not relevant to asset disclosure. Choice E states that none of the given answers are correct.

'Recognised' in Relation to Asset Disclosure May Be Defined as Meaning