In the Recognition Criteria for Liabilities with Uncertain Amount And/or

question 64

Multiple Choice

In the recognition criteria for liabilities with uncertain amount and/or timing, "probable" is used in U.S.GAAP to refer to a threshold of likelihood-a rule of thumb used in practice is approximately _____ In IFRS, "probable" as recognition criterion for liabilities with uncertain amount and/or timing means approximately _____.

• A)33%; 25%
• B)51%; 51%
• C)60%; 25%
• D)80%; 51%
• E)90%; 75%

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Definitions:

Plaster

A material usually made from water, gypsum, or lime, used in building and art for coating, decorating, and molding smooth, hard surfaces.

Pre-Justinianic Byzantine Art

Art from the early Byzantine Empire before the reign of Emperor Justinian I, characterized by Christian religious concepts and Hellenistic influences.

Hagia Sophia

An architectural masterpiece originally built as a Christian cathedral in Constantinople (modern-day Istanbul, Turkey) and later converted into a mosque, now a museum.

Obelisk of Theodosius

An ancient Egyptian obelisk erected at the Hippodrome of Constantinople by the Roman emperor Theodosius I in the 4th century AD.