Which of the Following Statements Is Correct

question 28

Multiple Choice

Which of the following statements is correct?

• A) a provision is a class of liabilities
• B) a contingent liability is a class of liabilities
• C) a provision is a class of contingent liabilities
• D) contingent liabilities and provisions are classes of liabilities

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Definitions:

Groundbreaking

Characterized by originality or innovation, leading to new discoveries, developments, or significant changes.

Process

A series of actions or steps taken in order to achieve a particular end.

Cause Marketing

A marketing strategy where businesses and charities form a partnership to market an image, product, or service for mutual benefit.

Fund-raising Partnership

A collaboration between entities to raise monetary resources for a mutual or specific cause.