Which Statement Regarding Liabilities Is Not Correct Under the IFRS

question 59

Multiple Choice

Which statement regarding liabilities 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:

Ventrolateral surface

The surface of a body part or organ that is positioned toward the front and side.

Triceps Brachii

A muscle located at the back of the upper limb, responsible for extending the forearm.

Brachialis

A muscle in the upper arm that flexes the elbow joint.

Rectus Abdominis

A long muscle in the front of the abdomen that assists in breathing and stabilizes the core during movements.