Under IFRS,the Term Provision

question 96

Multiple Choice

Under IFRS,the term provision:

• A)Refers to expense.
• B)Usually refers to a liability whose amount or timing is uncertain.
• C)Means establishing a provision for bad debts.
• D)Means establishing a contra-asset account.
• E)Means establishing an asset account.

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Definitions:

Cultural Heritage

The legacy of physical artifacts and intangible attributes of a group or society passed down from generation to generation, including traditions, languages, practices, and objects.

Learned Preferences

Preferences or tastes developed over time through experience or exposure, as opposed to innate preferences.

Display Rules

Culturally determined norms that dictate the appropriate expressions of emotions in various social situations.

Predictor

An element or variable that can be used to forecast or anticipate the outcome of a future event.