When are financial items recognized in the financial statements?
A. Items are recognized if the fair value amounts can be determined.
B. Items are recognized if the inflows or outflows of resources are probable.
C. Items are recognized if the future gains will result from disposal of the item.
D. Items are recognized if there are no measurement uncertainties.
Answer:B
When are financial items recognized in the financial statements?
A. Items are recognized if the fair value amounts can be determined. B. Items are recognized if the inflows or outflows of resources are probable. C. Items are recognized if the future gains will result from disposal of the item. D. Items are recognized if there are no measurement uncertainties.