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:

Generalized State

A condition or situation that applies broadly, not limited to specific instances, often referring to widespread effects or characteristics.

Affect

A psychological term referring to the underlying experience of feeling, emotion, or mood.

Emotion

A complex state of feeling that results in physical and psychological changes and influences thought and behavior.

Social Cognition

The study of how people process, store, and apply information about others and social situations, including how they interpret, analyze, remember, and use information in social interactions.