Question: Question 1 ( 7 marks) Differentiate between the definition of assets and recognition criteria of assets provided in the conceptual framework of accounting. (3.5 marks)

Question 1 ( 7 marks)

  1. Differentiate between the definition of assets and recognition criteria of assets provided in the conceptual framework of accounting. (3.5 marks)
  2. Can an entity include an asset in its balance sheet that it does not legally own? Explain your answer in relation to the definition of the assets and recognition criteria of assets. (3.5 marks)

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