IFRS Uses the Term "Contingent" for Assets and Liabilities Not

question 17

True/False

IFRS uses the term "contingent" for assets and liabilities not recognized in the financial statements.

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Definitions:

Objects

Physical items or entities that can be perceived by the senses and have a defined shape or form.

Lightning

A natural electrical discharge of very short duration and high voltage that occurs between a cloud and the ground or within a cloud.

Remote Past

A period referring to the distant historical past, signifying times or events significantly far back from the current period.

Systematic Desensitization

A therapeutic technique used to reduce phobia or anxiety through gradual exposure to the feared object or situation combined with relaxation exercises.