Under the Conceptual Framework there are ____ recognition criteria for each of assets, liabilities, income and expenses
A) one
B) two
C) three
D) four

Question

Quizplus · Accepted Answer

The Conceptual Framework outlines two main recognition criteria for assets, liabilities, income, and expenses: the item must be probable that any future economic benefit associated with the item will flow to or from the entity, and the item has a cost or value that can be measured reliably.

Under the Conceptual Framework There Are ____ Recognition Criteria for Each