The Following Statement, Contained in IAS 37 Provisions, Contingent Liabilities

question 11

Multiple Choice

The following statement, contained in IAS 37 Provisions, Contingent Liabilities and Contingent Assets, defines:
' a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity'

• A) a deferred liability;
• B) a contingent liability;
• C) a deferred asset;
• D) a contingent asset.

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Definitions:

Second-Generation Antidepressants

A class of antidepressant drugs developed more recently than the first-generation antidepressants, including Selective Serotonin Reuptake Inhibitors (SSRIs) and others, often with fewer side effects.

MAO

Monoamine oxidase, an enzyme that breaks down neurotransmitters in the brain and is targeted by certain kinds of antidepressant drugs.

Reuptake Process

A neurological mechanism in which neurotransmitters released into the synapse are reabsorbed back into the presynaptic neuron, stopping their action on the postsynaptic neuron.

Serotonin

A neurotransmitter involved in regulating mood, anxiety, and other functions within the brain, often targeted in the treatment of depression and anxiety disorders.