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Which is not an essential element of an asset

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Problem 1: Which of the following is not an essential element of an asset?

a. Arising from past event
b. Expected to provide future economic benefits
c. Must be owned by the business
d. A resource controlled

Problem 2: Under a periodic inventory system, the entry to record a purchase of P60,000, with terms of 2/10, n/30 would include a

a. debit to Purchases Discounts for P1,200.
b. credit to Purchases for P60,000.
c. credit to Accounts Payable for P60,000.
d. debit to Accounts Payable for P58,800.

Reference no: EM132785421

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