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:

Market Orientation

A business approach focusing on identifying and meeting the needs and desires of consumers through the product's design, pricing, promotion, and distribution.

Customer Information

Data about customers, including personal details, preferences, and purchase history, used by businesses to tailor services and marketing efforts.