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1 . 1 . The process of capturing for inclusion of an item in the financial statements when an item meets the definition of one
The process of capturing for inclusion of an item in the financial statements when an item meets the definition of one of the elements of the financial statements is called...
a
Identification
b
Classification
c
Recognition
d
Origination
e
Derecognition
An asset is recognised in the financial statements if:
a
The entity owns the asset
b
It is probably that the economic benefits associated with the asset will flow to the entity
c
It meets the definition of an asset
d
Its cost can be measured reliably
e
The entity has recognised a liability that relates to the asset
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