Which of the following statements about accounting recognition is (are) true?In accounting, there are instances when a gain/loss would arise upon initial recognition of an asset.No asset can simultaneously be an asset of more than one entityAt times, two or more entities may share the benefits that an asset providesAn appropriate basis for recognizing an asset is when a particular enterprise acquires the right to utilize and control access to the asset’s benefitsI and II only I,II and III onlyI and IV onlyI, II, III and IV

An asset can be reported in the balance sheet of the company if it has provided the economic benefit…

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Which of the following statements about accounting recognition is (are) true?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Which of the following statements about accounting recognition is (are) true?
1. In accounting, there are instances when a gain/loss would arise upon initial recognition of an asset.
2. No asset can simultaneously be an asset of more than one entity
3. At times, two or more entities may share the benefits that an asset provides
4. An appropriate basis for recognizing an asset is when a particular enterprise acquires the right to utilize and control access to the asset’s benefits

I and II only I,
II and III only
I and IV only
I, II, III and IV

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