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Which of the following statement regarding Fair Value Other Comprehensive Income (FV-OCI) model is incorrect? A. The transaction cost at acquisition is added to the

Which of the following statement regarding Fair Value Other Comprehensive Income (FV-OCI) model is incorrect?

A.

The transaction cost at acquisition is added to the investment cost

B.

At disposal, OCI is transferred into retained earnings

C.

It is required by IFRS, but permitted by ASPE

D.

It is usually used to recognize unrealized holding gains of equity investments

Which of the following is true about assets:

A.

All of the other alternatives are true about assets

B.

An asset must always provide some kind of future benefit to the entity

C.

There can be assets held by a company which are not on the balance sheet such as the value of customer loyalty

D.

An asset must always be the result of a past transaction or event

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