Which of the Following Statements Is Correct

question 6

Multiple Choice

Which of the following statements is correct?

• A)Contingent assets are only recorded when it is virtually certain that the benefits relating to the contingent assets will be received.
• B)There is no guidance for self-insurance under IFRS.
• C)Contingent assets are only recorded when it is reasonably certain that the benefits relating to the contingent assets will be received.
• D)For companies that are self-insured, a provision must be established for events taking place prior to the reporting period if known.

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Definitions:

Carbon

Carbon is a chemical element with symbol C and atomic number 6, essential to life on Earth, forming a vast number of compounds including fossil fuels and DNA.

Valence Electrons

The electrons in the outer electron shell, known as the valence shell, of an atom; in the formation of a chemical bond, an atom can accept electrons into its valence shell or donate or share valence electrons.

Isotopes

Variants of a particular chemical element that differ in neutron number, and consequently in mass, but not in chemical properties.

Radioisotope

A radioactive isotope of an element, used in various scientific applications including medicine and radiometric dating.