The Following Statement, Contained in AASB 137 Provisions, Contingent Liabilities

question 23

Multiple Choice

The following statement, contained in AASB 137 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:

Dissatisfaction

A feeling of unhappiness or displeasure with an aspect of one's life or environment.

Cyanide Poisoning

A potentially fatal condition caused by exposure to cyanide, which inhibits cells from using oxygen, leading to death at high concentrations.

Product Failure

The occurrence when a product does not perform as intended or fails to meet consumer expectations, leading to dissatisfaction or withdrawal from the market.

Unplanned Buying

An impulsive or spontaneous purchase, made without prior intention or planning, often triggered by in-store stimuli or emotional states.