Under IFRS,the Term Provision

question 96

Multiple Choice

Under IFRS,the term provision:

• A)Refers to expense.
• B)Usually refers to a liability whose amount or timing is uncertain.
• C)Means establishing a provision for bad debts.
• D)Means establishing a contra-asset account.
• E)Means establishing an asset account.

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Definitions:

Sensation Seeking

The seeking of varied, novel, complex, and intense sensations and experiences, and the willingness to take physical, social, legal, and financial risks for the sake of such experiences.

Intelligence Test Scores

Numerical outcomes derived from standardized assessments designed to measure human intelligence and cognitive abilities.

Learned Helplessness

An individual's feeling of impotence, resulting from a distressing event or continual lack of success.

Experiment

A scientific procedure undertaken to make a discovery, test a hypothesis, or demonstrate a known fact.