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(a) Define an asset and explain each part of the definition. (b) State the conditions for recognition of a liability. (10 marks) (5 marks) (c)

(a) Define an asset and explain each part of the definition. (b) State the conditions for recognition of a liability. (10 marks) (5 marks) (c) Explain what is meant by a contingent liability. (5 marks) (Total 20 marks)

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