Which Statement About Contingent Assets Is Correct

question 57

Multiple Choice

Which statement about contingent assets is correct?

• A)It involves only potential economic outflows of resources.
• B)It is a possible asset that depends upon the outcome of a future event.
• C)It involves uncertainty about either the timing or amount of payment.
• D)It is a condition that depends upon the outcome of a forecasted event.

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Definitions:

Duration

The measure of how long something lasts, from its beginning to its end, often used in the study of perception and memory.

Physical Reactions

Bodily responses to stimuli, including reflexes, movements, and physiological changes, often automatic and involuntary.

Blocked

Prevented from progressing or moving forward, often referring to an impediment in a process or pathway.

Thwarted

Refers to being prevented from accomplishing something or obstructed in achieving an objective.