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Explain with reasons, whether the following item is an asset within the definition given by the Conceptual Framework for Financial Reporting: c) Entity NN bought

Explain with reasons, whether the following item is an asset within the definition given by the Conceptual Framework for Financial Reporting: c) Entity NN bought a painting by a little known artist for RM7,000 as an investment and it will be displayed in the headquarters in Kuala Lumpur.

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