ANSWER ALL QUESTIONS Question According to the Framework, assets do not exist unless they can create probable future benefits an a Determining these two criteria which give rise to an asset is Explain the probable future benefit and past transaction that triggers the existence of result from past transactions always straightforward the following assets: (a) (b) (c) (e) (t) accounts receivable, RMS1,100 prepaid insurance, RM12,000 inventory of work-in-process, RM6,150 deffered tax asset, RM48,670 rescarch and development, RM25,000 (2m) (2m) (2m) (2m) (2m) Question2 Are the following assets? Explain by using the definition and recognition criteria a) Purchase of raw materials for production, RM12,000 b) Paid advertising cost for Hari Raya promotion, RM25,000 c) Cost of RM2,000 to remove 2 small machines, to make way for instalment new machine