Which of the Following Is a Standard of Recognition of Contingent

question 31

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.
• 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:

Ethanol

A two-carbon alcohol with the formula CH3CH2OH, commonly used as a solvent and in alcoholic beverages.

Cyclopentanol

An organic compound characterized by a five-membered ring structure bonded to a hydroxyl group, used in various chemical syntheses.

Cyclopentane

A ring-shaped hydrocarbon with a molecular formula C5H10, characteristic of saturated cyclic compounds.

Pyridine

A basic nitrogen-containing heterocyclic compound, resembling benzene but with one CH group replaced by a nitrogen atom.