Explain why each of the following items would not meet either the definition or the recognition conditions

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Explain why each of the following items would not meet either the definition or the recognition conditions of an asset of the business:

(a) a letter from the owner of the business, addressed to the bank manager, promising to guarantee the bank overdraft of the business

(b) a list of the customers of the business

(c) an order received from a customer

(d) the benefit of employing a development engineer with a high level of ‘know-how’ specifically relevant to the business

(e) money spent on an advertising campaign to boost sales

(f ) structural repairs to a building.

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