Which Statement Is Correct About Provisions,contingent Assets and Contingent Liabilities

question 67

Multiple Choice

Which statement is correct about provisions,contingent assets and contingent liabilities?

• A)The same probability threshold is used to record contingent liabilities and provisions.
• B)The same probability threshold is used to record contingent assets and contingent liabilities.
• C)Possible contingent liabilities are recorded.
• D)Virtually certain contingent assets are recorded.

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Definitions:

Small Groups

Collections of individuals, typically ranging from three to about twelve, who come together for a common purpose.

Single Purpose

Focused on one specific objective or goal, often indicating a narrow or targeted approach.

Writing Skills

The ability to express ideas and communicate information clearly and effectively through written text.

Technical Language

Specialized vocabulary and terminology used in a particular profession, industry, or field of study.