Which Statement Is Correct About Provisions,contingent Assets and Contingent Liabilities

question 67

Multiple Choice

Which statement is correct about provisions,contingent assets and contingent liabilities?

• A)The same probability threshold is used to record contingent liabilities and provisions.
• B)The same probability threshold is used to record contingent assets and contingent liabilities.
• C)Possible contingent liabilities are recorded.
• D)Virtually certain contingent assets are recorded.

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Definitions:

Endometrial

Pertaining to or involving the endometrium, which is the mucous membrane lining the uterus.

Colorectal

Pertaining to the colon and rectum. It is often used in the context of diseases, disorders, and treatments affecting these parts of the digestive system.

Obese

A medical condition in which excess body fat has accumulated to an extent that it may have a negative effect on health, leading to increased health problems and reduced life expectancy.

Preserved Meats

Meats that have been treated by curing, smoking, salting, or adding preservatives to extend shelf life and prevent spoilage.