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Question 55 correct mark 100 out of 100 flag question

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Question55CorrectMark 1.00 out of 1.00Flag questionQuestion textTrue or False: Conceptual framework for financial reporting may serve as an alternativeguide in dealing with transactions not specifically addressed by the InternationalAccounting Standards/International Financial Reporting StandardsSelect one:TrueFalse
FeedbackThe correct answer is 'True'.
Question56CorrectMark 1.00 out of 1.00Flag questionQuestion textT or F: The recognition of element of financial statement cannot happen without acorresponding derecognition of another element of financial statementSelect one:
Question57CorrectMark 1.00 out of 1.00Flag questionQuestion textWhen the probability of an economic benefit flowing the entity is low, an asset can stillbe recognized providedSelect one:
d. Both A and BFeedbackYour answer is correct.The correct answer is: The economic benefit arises from an exchange transactionQuestion58Partially correctMark 1.00 out of 4.00Flag questionQuestion textIn 2018, a Filipino successfully made a human-sized drone which can enable transportat a specific speed, distance and time. In the same year, an Australian companynegotiated to such inventor and successfully come into an agreement to purchase hisrights over the said invention. The said drone is still not in the completion stage andbased on the analysts, the market for human-sized drones is yet to exist even in theforeign countries. After the Australian Company took over the research, subsequentcosts were incurred for the said project.Which of the should be the proper treatment of the transaction?Select one:
Your answer is partially correct.The correct answer is: The cost of purchase of the right should be recognized as assetdespite the low possibility of an active market for human-sized to exist. All subsequentresearch cost should be expensed outright
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Spring
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Balance Sheet, Correct Answer, International Financial Reporting Standards

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