Which of the Following Statements Is Correct

question 9

Multiple Choice

Which of the following statements is correct?

• A)Under IFRS, content gains should be recognized if they are reasonably certain to occur.
• B)A contingency is more likely to require an accrual than a provision.
• C)Under IFRS, contingencies may be accrued, but not under ASPE.
• D)Litigation for which the company will probably be found guilty would normally be accrued as a provision.

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Definitions:

Denver II Screening

A standard test used to assess the developmental progress of children from infancy through early childhood.

Cognitive Development

The process of growth and change in intellectual/mental abilities such as thinking, reasoning, and understanding.

Physical Development

The process of physical growth and change that occurs throughout life, including developments in motor skills, muscle and skeletal growth, and changes in body composition.

Psychological Development

Refers to the emotional, cognitive, and social development that occurs throughout a person's lifespan.