Contingent Liabilities Are ________ Under GAAP,and ________ Under IFRS

question 17

Multiple Choice

Contingent liabilities are ________ under GAAP,and ________ under IFRS
I.Recorded if probable
II.Recorded if possible
III.Recorded if reasonably estimated
IV.All of the above

• A)GAAP I and II;IFRS I and II
• B)GAAP I and III;IFRS I and III
• C)GAAP IV;IFRS I and III
• D)GAAP I and III;IFRS IV

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Definitions:

Clevis Pins

Clevis pins are a type of fastener commonly used in mechanical linkages, allowing for rotation or movement of the connected parts while maintaining alignment.

Quick Release Fasteners

Mechanisms designed to fasten components together securely while also allowing for rapid removal or disassembly without requiring tools.

Semi-Permanent

Describes a connection or assembly that is designed to be disassembled and reassembled, but not intended for frequent changes.

Standard Taper Pins

Standard Taper Pins are conically shaped metal pins used to position and secure two parts together, allowing for easier alignment and assembly due to their tapered design.