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ABC Company recorded in its Asset Section of the Balance Sheet a machine at OMR 5,000 purchased in 2015. The machine is
Posted: Tue Nov 16, 2021 8:54 am
by answerhappygod
- Abc Company Recorded In Its Asset Section Of The Balance Sheet A Machine At Omr 5 000 Purchased In 2015 The Machine Is 1 (46.59 KiB) Viewed 80 times
ABC
Company recorded in its Asset Section of the Balance Sheet a machine at OMR 5,000 purchased in 2015. The machine is fully depreciated and obsolete. Which of the following statements is true with regards to this given situation? o a. ABC should derecognize the machine because it is not a present economic resource controlled by the entity as a result of a past event b. ABC should recognize the machine because it is a present economic resource controlled by the entity as a result of a past event O c. None of these statements is true od. ABC should recognize the machine because there is a present obligation to transfer an economic resource