$1\mathrm{.}1.$

The process of capturing for inclusion of an item in the financial statements when an item meets the definition of one of the elements of the financial statements is called...

a$.$

Identification

b$.$

Classification

c$.$

Recognition

d$.$

Origination

e$.$

Derecognition

$1\mathrm{.}2.$

An asset is recognised in the financial statements if:

a$.$

The entity owns the asset

b$.$

It is probably that the economic benefits associated with the asset will flow to the entity

c$.$

It meets the definition of an asset

d$.$

Its cost can be measured reliably

e$.$

The entity has recognised a liability that relates to the asset