The concept of recognition requires that an item have a relevant attribute capable of being quantified in monetary units with reasonable reliability. Different measurement attributes of assets and liabilities are used in current practice. Select from the option list provided the attribute that best relates to each recognition concept below. Each choice may be used once, more than once, or not at all. Recognition Concept 1. The relevant attribute for plant assets and most inventories 2. The relevant attribute defined as the cash or equivalent that would be paid for a current acquisition of the same or an equivalent asset 3. The relevant attribute used to measure assets expected to be sold at below their carrying amount 4. The relevant attribute used to measure short-term receivables 5. The relevant attribute that incorporates time value of money concepts Ansv Select an option below O Current market value O Net realizable value O Historical cost O Replacement cost O Present value RESET CANCEL ACCEPT