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22. An item that meets the definition of an element should be recognized when
a. It is probable that any future benefit associated with the item will flow to or from the entity.
b. The cost of the item can be measured reliably.
C. It is possible that any future economic benefit associated with the item will flow to or from the
entity and the cost of the item can be measured reliably.
d. It is probable that any future economic benefit associated with the item will flow to or from the
entity and the cost of the item can be measured reliably.
25. Which is an example of :T;xpensf, recognition principle of associating cause and effect?
a. Allocation of insurance cost
b. Sales commission
c. Depreciation
d. Officers saiecrifs
26. Which is all appiicaiion of the principle of systematic and rational allocation?
a. AmortizAion of ic:itangibie asset
b. Cost of g oods sold
c. Research and deveioprnelt cost
d. Salesmen's salaries
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