Which of the following would be your justification for treating as an asset the amount due from a customer in respect of transport work already carried out?

(i) The customer is within our control because he relies on us for more work

(ii) The amount receivable is within our control because we fix the credit terms

(iii) The amount receivable represents a future economic benefit expected

(iv) The amount receivable arises from (past) work already carried out

Transcribed Image Text:

ai only bi and ii cii, iii & iv с di, ii & iv