Would a Company Be More Likely to Report a Contingent

question 33

Multiple Choice

Would a company be more likely to report a contingent liability under U.S.GAAP or IFRS?

• A)U.S.GAAP.
• B)IFRS.
• C)Equally likely.
• D)Contingent liabilities are not reported under IFRS.

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Definitions:

Cell Membrane

The cell membrane is a biological membrane that separates the interior of all cells from the outside environment, providing structural support and regulating the movement of substances in and out of the cell.

Nutrients

Substances obtained from food that are essential for the body to function and maintain health.

Oxygen

A chemical element (O) essential for cellular respiration in living organisms and a component of the earth's atmosphere.

Maternal Blood

Blood circulating in a pregnant woman that provides nutrients and oxygen to both the mother and the fetus.