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Which of the following statements is not a criterion required to recognize an asset? Select one: a. The asset must arise from a past event. O b. The asset must provide cashflow to the business Od C. The asset must be owned or controlled by the business. O d. The asset must provide future economic benefits Which of the following statements is not a criterion required to recognize a liability? Select one: O a. The liability must be settled with cash. O b. The liability must result in a future economic outflow of benefits. OC. The liability must be a present obligation of the business. O d. The liability must arise from a past event Accounting transactions that are recorded in financial statements are Select one: O a. Cash transactions only. O b. Non-cash transactions only. Oc. Economic events that impact the financial statements. O d. Economic events that may or may not change assets, liabilities, or shareholders' equity. Which of the following statements is not a criterion required to recognize an asset? Select one: a. The asset must arise from a past event. O b. The asset must provide cashflow to the business Od C. The asset must be owned or controlled by the business. O d. The asset must provide future economic benefits Which of the following statements is not a criterion required to recognize a liability? Select one: O a. The liability must be settled with cash. O b. The liability must result in a future economic outflow of benefits. OC. The liability must be a present obligation of the business. O d. The liability must arise from a past event Accounting transactions that are recorded in financial statements are Select one: O a. Cash transactions only. O b. Non-cash transactions only. Oc. Economic events that impact the financial statements. O d. Economic events that may or may not change assets, liabilities, or shareholders' equity

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