An Item Classified Contingent Asset Can Only Be Reclassified and Recognised

question 14

Multiple Choice

An item classified contingent asset can only be reclassified and recognised as an asset when the benefits from that asset are:

• A)reasonably certain
• B)virtually certain
• C)probable
• D)beyond reasonable doubt

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Definitions:

Weather The Storm

A metaphor describing the ability to endure or survive through difficult or challenging times.

Time Inconsistent

When preferences change over time in such a way that what is preferred at one point in time is inconsistent with what is preferred at another time.

Central Bankers

Officials responsible for controlling a country's money supply and monetary policy, often through a central bank.

Policymakers

Individuals or groups responsible for making decisions and guidelines that affect the public policies of a nation.