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:

Price Index

is a measure that examines the weighted average of prices of a basket of consumer goods and services, used to track inflation or deflation.

GDP

Gross Domestic Product is the sum of the market value of all final goods and services made within a country's borders in a given timeframe.

Gross National Product

The total value of all goods and services produced by a country's residents and businesses, regardless of where the production takes place, over a defined period.

Net Domestic Product

The total value of all goods and services produced within a country in a specific time period, minus depreciation.