Question 24 0.5 Which of the following is NOT a consideration when determining whether an asset should be recognised in financial statements: Whether the item is capable of generating future economic benefits that will flow to the entity Whether the information about the asset is likely to be relevant for users of financial statements Whether the entity controls the economic resource as a result of past events Whether the ownership of the asset can be transferred to others Question 23 0.5 p Which of the following is NOT a qualitative characteristic guiding the production of general-purpose financial reports according to the IASB conceptual framework for financial reporting? Relevance Assurability Faithful representation Comparability Question 22 0.5 pts Which one of the following statements is correct in relation to professional judgment? Accountants are never required to apply professional judgment. Accountants should make objective judgements when determining accounting policies, When exercising judgement accounts should ensure that the information generated faithfully represents transactions and is neutral and verifiable. Accountants should not make subjective judgments