For the IASB,a Provision Should Be Recognized When

question 20

Multiple Choice

For the IASB,a provision should be recognized when:

• A) An entity has a present obligation as a result of a past event.
• B) It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.
• C) A reliable estimate can be made of the amount of the obligation.
• D) All of these.

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Definitions:

Semilunar Valves

Heart valves located at the bases of the aorta and the pulmonary artery that prevent blood from flowing back into the ventricles.

Ventricular Pressure

The pressure within the heart's ventricles during the cardiac cycle, crucial for pumping blood throughout the body.

Atrial Pressure

The pressure within the atria of the heart, indicating the volume of blood returning to the heart and influencing heart function.

Ejection

The process of driving or pushing something out.