Onopea Inc

question 51

Multiple Choice

Onopea Inc.considered two contingencies at the end of 2016: ** a probable loss in the range of $300,000 to $500,000
** a reasonably possible loss of $150,000
Under IFRS,what is the balance for contingent liabilities at the end of 2016?

• A)$300,000
• B)$400,000
• C)$450,000
• D)$550,000

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Definitions:

Deposit

A sum of money placed with a bank or other financial institution for safekeeping, or as partial payment in a purchasing process ensuring the buyer's intent to carry out the contract.

Refused Delivery

The act of rejecting or not accepting a delivery of goods or mail.

Unascertained Goods

Goods that have not been specifically identified or allocated to a contract at the time of its formation.

Appropriated

The act of taking something for one's own use, typically without the owner's permission.