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FSAO - ACCOAA 1/REKOA01 - Accounting A QUESTION 5 (16 MARKS) The Conceptual Framework issued by the IASB provides the definitions for various elements of financial statements. The IASB has also issued IAS 1, Presentation of Financial Statements which lists the general features of financial information. The IASB issued IAS 2 Inventories which provides the definition of inventory. Use these standards to answer the following theoretical questions: a) Define an asset b) What are the general features that financial statements should reflect? c) Define inventory (4) (8) (4)