Which Statement Is Not Correct Under the IFRS Framework

question 9

Multiple Choice

Which statement is not correct under the IFRS Framework?

• A)A reliable estimate for an asset is presumed to exist.
• B)A provision exists if the timing of payment is uncertain.
• C)A provision exists if the amount of payment is uncertain.
• D)A reliable estimate for a liability is presumed to exist.

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Definitions:

Resources

The inputs, or factors of production, used to produce the goods and services that people want; resources consist of labor, capital, natural resources, and entrepreneurial ability.

Goods

Physical items that are produced and can be bought, sold, or traded, fulfilling consumer needs or desires.

Services

Economic activities that provides intangible products, such as healthcare, education, and entertainment, rather than physical goods.

Population Growth

The increase in the number of individuals in a population, often expressed as a percentage of the total population.