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The Conceptual Framework for Financial Reporting defines the elements of the financial statements. Which of...

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Accounting

The Conceptual Framework for Financial Reporting defines the elements of the financial statements. Which of the following statements is true?

1 A liability exists when an transfer of economic resource is certain

2 The definition of an asset centres on the concept of ownership.

3 An expense is an increase in an asset or a decrease in a liability.

4 The Conceptual Framework defines equity as

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