This is the question of accounting theory

Question 4 (25 marks) o) A company hoss on extensive customer base Over many years, it has built o detailed customer list, which includes various data including dernographics, contact details, purchasing history and preferences. it has spent quite a lot of resources on developing this customer list so that it can effectively torget marking campaigns and monoge customer relations. A number of businesses have approached the company to purchase their customer list and have offered prices from $60 000 to $210 000. However, the company has decided not to sell at this stage. 04 a Explain whether this customer list would meet the definition and recognition criteria of an asset, applying the principles in 2018 Conceptual Framework. (15 marks) Save Unanswered Q4b Professional judgement plays an important role in financial reporting. Identify five areas in which the accountant preparing financial statements must make professional judgements that will affect the content of the statements. You are required to indicate at least two affected accounts in each area you identified