Under IFRS,the Term Provision

question 96

Multiple Choice

Under IFRS,the term provision:

• A)Refers to expense.
• B)Usually refers to a liability whose amount or timing is uncertain.
• C)Means establishing a provision for bad debts.
• D)Means establishing a contra-asset account.
• E)Means establishing an asset account.

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Definitions:

Cytologic Screening

A medical test that examines cells from various parts of the body to detect cancer or other conditions.

Papanicolaou Technique

A method of cervical screening used to detect precancerous and cancerous cells in the cervix, commonly known as the Pap smear or Pap test.

Mammography

An imaging technique using low-energy X-rays to examine the human breast for diagnosis and screening of breast cancer.

Monogamous Relationship

A partnership or marriage where both individuals agree to have a sexual and romantic relationship exclusively with each other.