Under IFRS,the Term Provision

question 96

Multiple Choice

Under IFRS,the term provision:

• A)Refers to expense.
• B)Usually refers to a liability whose amount or timing is uncertain.
• C)Means establishing a provision for bad debts.
• D)Means establishing a contra-asset account.
• E)Means establishing an asset account.

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Definitions:

Professions

Occupations requiring specialized knowledge and often long and intensive academic preparation.

Binge Eat

Engaging in the excessive consumption of food in a short timeframe, often characterized by a feeling of loss of control over eating.

Low-Calorie Diet

A diet regimen that reduces calorie intake below daily requirements, often for weight loss or health reasons.

Twins

Two individuals born from the same pregnancy, sharing a unique bond and often similar physical and genetic traits.