Question 21 Which of the following are the criteria for recognising revenue in the financial statements? Tick all that apply Not yet answered Marked out of 1.0 Select one or more: O a. It must be absolutely certain that the economic benefit will be received b. P Flag question O c. The amount of revenue can be reliably measured When there is the sale of goods, ownership and control of the items must pass to the buyer The customer must have paid for the goods or service nd Which of the following are criteria which accountants use to determine whether something is an asset? Tick all that apply. Question 22 Not yet answered Marked out of 1.0 Select one or more: O a. It must arise from a past transaction O b. Flag question The business owns and controls the item Oc It must be a physical item O d. It can be reliably measured in money terms Which of the following words best describes the accounting concept of materiality? Question 23 Not yet answered Marked out of 1.0 Select one: O a. Significant P Flag question O b. Comparable O c Timely O d. Understandable