The Framework States That an Asset Should Be Recognised When

Multiple Choice

The Framework states that an asset should be recognised when and only when: (i) the asset possesses a cost or other value that can be measured reliably
(ii) it is legally owned by the entity
(iii) it is probable that the future economic benefits embodied in the asset will eventuate.

A) (i) and (ii) only
B) (i) and (iii) only
C) (ii) and (iii) only
D) (i) ,(ii) and (iii) .