Which Statement Regarding Commitments and Contingencies Is False

question 6

Multiple Choice

Which statement regarding commitments and contingencies is false?

• A)U.S.GAAP record commitments since they have a legal basis
• B)Under IFRS,the purchase agreements are recognized when an entity has a demonstrable commitment for a future payment or transfer of assets
• C)Under U.S.GAAP,contingent assets and liabilities are recognized if they are probable and can be estimated.
• D)Under IFRS,there must be a present obligation that arises from past events and fair value must be determinable

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Definitions:

Actual Society

Refers to the existing societal conditions at any given time, including its structures, norms, and dynamics.

Structural Functionalism

A sociological perspective focusing on how the various parts of a society are necessary for the survival of the society as a whole.

Conflict Theory

A perspective in sociology that emphasizes the social, political, or material inequality of a social group, critiquing the broad socio-political system.

Structural Functionalism

A theory in sociology that considers society to be a sophisticated system where various components interact to foster cohesion and order, emphasizing the roles and purposes of social structures.