What Is a "Contingent Asset

question 42

Multiple Choice

What is a "contingent asset?"

• A)There is no such thing,in either IASB standards or U.S.GAAP,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:

Ayurvedic Medicine

Traditional healing system of India that addresses mental and spiritual well-being and physical health. Ayurveda identifies three types of energies that are present in all things: vata, pitta, and kapha, and believes that imbalances in any of these areas can cause disease.

Vata, Pitta, Kapha

Fundamental principles in Ayurveda representing different body types and constitutions.

Medicinal Blood Removal

A therapeutic procedure, also known as phlebotomy or bloodletting, used to remove blood from the body with the intention of treating certain medical conditions.

Leeches

Bloodsucking or carnivorous aquatic or terrestrial worms used medicinally for bloodletting since ancient times.