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1. Which of the following is not a characteristic of an asset?
Transaction or event leading to the creation of the asset must have occurred already
Expected to provide future economic benefits to an entity
Needs to be owned by an entity
2. Which of the following is not a characteristic of a non-current asset?
It is expected to provide future economic benefits to an entity
The asset must have an economic life of more than one year
It is intended for resale to customers
3. Which of the following is not a method of depreciation?
Value in Use
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