According to IAS 37,with Respect to Onerous Contracts,a Provision Should

question 12

Multiple Choice

According to IAS 37,with respect to onerous contracts,a provision should be recognized for "unavoidable costs of the contract",which is defined as:

• A)the intrinsic value of the contract.
• B)the lower of cost or market value of the contract.
• C)the lower of cost of fulfillment or the penalty from non-fulfillment of the contract.
• D)none of the above.

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Definitions:

General Shape

A term referring to the basic geometric or visual form of an object.

Simple Squamous Epithelium

A single layer of flat cells lining surfaces involved in diffusion and filtration, such as blood vessels and air sacs of lungs.

Endothelium

The layer of cells that lines the heart, blood vessels, and lymphatic vessels, functioning as a selective barrier.

Simple Columnar

Referring to a type of epithelial tissue made up of a single layer of tall, closely packed cells, involved in secretion and absorption.