What Is a "Contingent Asset

question 22

Multiple Choice

What is a "contingent asset?"

• A) There is no such thing, in IASB standards, as a "contingent asset."
• B) This is an asset that has been put up as collateral against a loan.
• C) This is a possible inflow of resources arising from a future activity.
• D) It is a probable asset, arising from past events, whose existence is yet to be confirmed definitively by a future event.

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Definitions:

Left Frontal Lobe

The region of the frontal lobe situated in the left hemisphere of the brain, associated with reasoning, motor skills, higher level cognition, and expressive language.

Explicit Memories

Memories that can be consciously recalled and described, including knowledge of facts and experiences.

Hippocampus

A major component of the brain in humans and other vertebrates, involved in memory formation and spatial navigation.

Frontal Lobe

The part of the brain located at the front of the cerebral cortex, involved in decision making, problem solving, and planning.