Question: Assets and liabilities are two of the primary elements that make up the accounting equation. They both come in a variety of classificatory forms and

Assets and liabilities are two of the primary elements that make up the ‘accounting equation’. They both come in a variety of classificatory forms and descriptions. Over the years, and in their various classificatory forms and descriptions, assets and liabilities have been associated with a variety of different definitions, recognition criteria and measurement bases. You are required to:

•   Definitions,

•   Recognition criteria; and

•   Measurement bases.

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