Which of the Following Is Not a Characteristic of a Provision

question 30

Multiple Choice

Which of the following is not a characteristic of a provision?

• A) The liability is known to exist.
• B) The precise dollar amount cannot be determined until a later date.
• C) The liability should not be recorded in the accounting records until future events have determined the exact amount.
• D) The liability stems from past transactions.

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Definitions:

Switch Statement

A control statement in programming that allows for the execution of different parts of code based on the value of a variable or expression.

Integer Constants

A numerical value without a decimal part, used in programming to represent whole numbers.

Optional

Indicates that an element, parameter, or feature is not strictly required and can be omitted if not necessary.

Default

A keyword in programming used to specify the default case in a switch statement or default values for functions and methods.