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A. For an asset, derecognition normally occurs when the entity loses control of all or part of the recognised asset B. For a liability, derecognition normally occurs when the entity no longer has a present obligation for all or part of the recognised liability C. Derecognition is the removal of all or part of a recognised asset or liability from an entity's statement of financial position OD. All of the above

A. For an asset, derecognition normally occurs when the entity loses control of all or part of the recognised asset B. For a liability, derecognition normally occurs when the entity no longer has a present obligation for all or part of the recognised liability C. Derecognition is the removal of all or part of a recognised asset or liability from an entity's statement of financial position OD. All of the above

Accounting Information Systems
Accounting Information Systems
10th Edition
ISBN:9781337619202
Author:Hall, James A.
Publisher:Hall, James A.
Chapter5: The Expenditure Cycle Part I: Purchases And Cash Disbursements Procedures
Section: Chapter Questions
Problem 6DQ: What is central to a successful EDI implementation?
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What does the Conceptual Framework state about derecognition?
Transcribed Image Text:What does the Conceptual Framework state about derecognition?
A. For an asset, derecognition normally occurs when the entity loses control of all or part of the recognised asset B. For a liability, derecognition normally occurs when the entity no longer has a present obligation for all or part of the recognised liability C. Derecognition is the removal of all or part of a recognised asset or liability from an entity's statement of financial position OD. All of the above
Transcribed Image Text:A. For an asset, derecognition normally occurs when the entity loses control of all or part of the recognised asset B. For a liability, derecognition normally occurs when the entity no longer has a present obligation for all or part of the recognised liability C. Derecognition is the removal of all or part of a recognised asset or liability from an entity's statement of financial position OD. All of the above
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