Which of the Following Is a Standard of Recognition of Contingent

question 11

Multiple Choice

Which of the following is a standard of recognition of contingent liabilities required by IFRS:

• A)recognize the liability if the occurrence of the future event is likely meaning it is highly probable.
• B)recognize the liability if the occurrence of the future event is more likely than not meaning its probable and it is also measurable.
• C)does not require that it be measurable.
• D)Recognize the liability if the occurrence of the future event is certain

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Definitions:

Country Better Off

A situation where a country's overall economic welfare or prosperity improves, often measured through metrics like GDP, employment rates, and living standards.

Individuals Worse Off

This term often references a situation where economic policies or market changes make certain individuals financially less well-off than before.

Comparative Advantage

Comparative Advantage is an economic theory that describes how countries or individuals can gain from trade if they specialize in the production of goods and services for which they have a lower opportunity cost compared to others.

Gain From Trade

The increase in welfare or benefit that countries or entities experience as a result of engaging in voluntary trade with each other.