The Term "Provision" as It Is Used in IAS 37

question 40

Multiple Choice

The term "provision" as it is used in IAS 37, is most closely related to what term in U.S. GAAP?

• A) Contingent liability, where the outflow of resources is "remote."
• B) Contingent liability, where the outflow of resources is "probable."
• C) Current liability, where the outflow is difficult to measure.
• D) Reserve for bad debt, where the amount recoverable is "uncertain."

---

Definitions:

Publisher Charges

Publisher charges refer to the fees that publishers impose for accessing or publishing works, often seen in academic publishing.

Bookstores Buy

The process or activity of acquiring books for resale by bookstores, including selection and purchase from publishers or distributors.

Willingness To Pay

The maximum amount an individual is prepared to spend to acquire a good or service, reflecting the value they assign to it.

Consumer Type

This refers to the categorization of consumers based on various factors like age, income, preferences, and consumption habits.