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Which of the following are the three essential criteria in the definition of an asset:...

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Question

Accounting

Which of the following are the three essential criteria in the definition of an asset:

I.

Future sacrifices of economic benefits

IV.

Past event.

II.

Future economic benefits.

V.

Ownership.

III.

Present obligation.

VI.

Control.
Group of answer choices
II, IV, VI
I, III, VI
II, III, VI
I, III, V

In AASB 107, is/are short-term, highly liquid investments that are readily convertible into

known amounts of cash and are subject to an insignificant risk of change in value.

Group of answer choices
cash equivalents.
cash.
bills of exchange.
accounts receivable.

Answer & Explanation Solved by verified expert
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