As Per AASB 137 Provisions, Contingent Liabilities and Contingent Assets

question 5

Multiple Choice

As per AASB 137 Provisions, Contingent Liabilities and Contingent Assets, the appropriate treatment for a contingent asset in the financial statements of an entity is:

• A) recognition in the financial statements, and note disclosure.
• B) recognition in the financial statements, but no further disclosure in the notes.
• C) do not recognise in the financial statements, and do not disclose in the notes.
• D) disclosure of information in the notes, but do not recognise in the financial statements.

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Definitions:

Daily Jobs

Routine or regular employment tasks performed on a day-to-day basis, often referring to the work done by individuals in various occupations to earn a living.

Slaves Time

The period during which enslaved individuals were forced to work for their masters, without compensation or autonomy, historically in agricultural or domestic settings.

South Carolina

A state in the southeastern United States, known for its rich history, including its early adoption of secession before the Civil War.

Task System

A labor system used primarily in the agricultural sectors of Southern plantations during the slavery era, where enslaved people were assigned a specific task to complete each day.