Question 9 1 Point Which of the followings are the three essential criteria in the definition of an asset? 1. Future economic benefits IV. Present obligation II. Future sacrifices of economic benefits V. Control III. Past Event VI. Ownership A II, III, V. B I, III, IV. I, III, V. D) I, IV, VI. Question 10 1 Point Which of the following transactions/events does not meet the definition of an asset? A finance leased equipment B oral commitment to purchase equipment purchase of equipment on credit. D deposit for purchase of equipment In the case of a lease, the accounting treatment by the lessee could: A accrue the lease payments and match them against revenues earned by using a unit of production method. B provide note disclosure to the accounts and recognise the lease payments in the same way as a rental expense. recognise an asset and associated liability equal in value to the present value of the minimum lease payments. D calculate the IRR implicit in the lease contract and disclose it in the notes to the account Question 12 1 Point The two fundamental qualitative characteristics of useful information are: A comparability and verifiability. B materiality and relevance. timeliness and understandability D relevance and faithful representation