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QUESTION 4 Definition and recognition of financial statement elements Golden Wattle Accountants Ltd was established on 1 June 20X6. On 1st June the office manager

QUESTION 4 Definition and recognition of financial statement elements

Golden Wattle Accountants Ltd was established on 1 June 20X6. On 1st June the office manager prepaid insurance worth $1 200 for the coming six months and correctly recognised this as an asset.

Required:

Using the definitions and recognition criteria from the Conceptual Framework, what Golden Wattle Ltd should recognise with regard to the prepaid insurance at 30 June 20X6.

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