Question: Using the definition as per the Conceptual Framework for financial reporting, briefly explain how to prove that the following items are assets and for liabilities:

Using the definition as per the Conceptual Framework for financial reporting,

Using the definition as per the Conceptual Framework for financial reporting, briefly explain how to prove that the following items are assets and for liabilities: 4.1.1 Equipment (3 marks) 4.1.2 Provision for legal costs (3 marks) 4.1.3 Investment in shares (2 marks)

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