Which of the following would be your justification for treating as an asset the amount due from

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Which of the following would be your justification for treating as an asset the amount due from a customer in respect of transport work already carried out?

(i) The customer is within our control because he relies on us for more work

(ii) The amount receivable is within our control because we fix the credit terms

(iii) The amount receivable represents a future economic benefit expected

(iv) The amount receivable arises from (past) work already carried out

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Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

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Question Posted: Aug 31, 2023 02:25 AM

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Which of the following would be your justification for treating as an asset the amount due from

Question:

ai only bi and ii cii, iii & iv с di, ii & iv

Step by Step Answer:

ci...View the full answer

Financial Accounting An Introduction

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