Which Statement Is Not Correct

question 6

Multiple Choice

Which statement is not correct?

• A)Contingencies arise from future events.
• B)The amount to be paid for contingencies is determined by future events.
• C)Current liabilities arise from past events.
• D)The amount to be paid for current liabilities is known or reasonably estimable.

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Definitions:

Kickstarter

A crowdfunding platform that allows individuals and startups to raise funds for creative projects and innovations.

Funds

Monetary resources allocated for a specific purpose or project.

Kickstarter

A crowdfunding platform that allows individuals and companies to raise funds for creative projects and innovative products through public contributions.

Excess Funds

Refers to the amount of money available beyond what is necessary to cover expenses or requirements.