ON 4 (16 Marks: 27 minutes) sing the definition as per the Conceptual Framework for financi efly explain how to prove that the following items are assets and la 4.1.1 Equipment 4.1.2. Provision for legal costs 4.1.3 Investment in shares (3 marks) (3 marks) (2 marks) Delicious Delicacy Foods" operates a catering service specializing Incheons for large corporations around Windhoek. "Delicious Delic equires customers to place their orders 2 weeks in advance of the nents Delicious Delicacy Foods" invoices its customers on the tenth day o ollowing the date of service and requires that payment be made within of the invoice date. According to the Conceptual Framework eporting, when should Delicious Delicacy Foods" recognize revenue its catering service (4 marks) In January 2020 Lever Arch Ltd doubled the amount of its outsiano by selling on the market an additional 10,000 shares to finance an ex- the business. You propose that this infomation be shown by an statement of financial position as al December 31, 2019 The Chief Executive Officer objects claiming that this sale took December 31, 2019 and therefore should not be shown. Explain your making reference to the Conceptual Framework for financial reporting. *****End of paper***** ON 4 (16 Marks: 27 minutes) sing the definition as per the Conceptual Framework for financi efly explain how to prove that the following items are assets and la 4.1.1 Equipment 4.1.2. Provision for legal costs 4.1.3 Investment in shares (3 marks) (3 marks) (2 marks) Delicious Delicacy Foods" operates a catering service specializing Incheons for large corporations around Windhoek. "Delicious Delic equires customers to place their orders 2 weeks in advance of the nents Delicious Delicacy Foods" invoices its customers on the tenth day o ollowing the date of service and requires that payment be made within of the invoice date. According to the Conceptual Framework eporting, when should Delicious Delicacy Foods" recognize revenue its catering service (4 marks) In January 2020 Lever Arch Ltd doubled the amount of its outsiano by selling on the market an additional 10,000 shares to finance an ex- the business. You propose that this infomation be shown by an statement of financial position as al December 31, 2019 The Chief Executive Officer objects claiming that this sale took December 31, 2019 and therefore should not be shown. Explain your making reference to the Conceptual Framework for financial reporting. *****End of paper*****