Contingent Liabilities Are ________ Under GAAP, and ________ Under IFRS

question 14

Multiple Choice

Contingent liabilities are ________ under GAAP, and ________ under IFRS I. Recorded if probable
II. Recorded if possible
III. Recorded if reasonably estimated

• A)GAAP I and II; IFRS I or II
• B)GAAP I or III; IFRS I and II
• C)GAAP I; IFRS I and III
• D)GAAP I and III; IFRS I

---

Definitions:

Depositions

Testimonies of witnesses recorded under oath, outside of court, for later use in the litigation process.

Counterclaim

A claim made to offset another claim, typically in a legal proceeding by the defendant against the plaintiff.

Motion for Judgment

A motion for judgment is a legal request made to the court, asking to make a final decision based on the facts presented, without going to trial.

Pleadings

Legal documents filed with a court to initiate or respond to litigation, outlining the parties' claims and defenses.