Match the descriptions with their terms :
-Liabilities that do not satisfy the recognition criteria.
A) Resource providers
B) Materiality
C) Assets
D) SAC 3
E) Full disclosure principle
F) Cost
G) A conceptual framework
H) Verifiability
I) The Conceptual Framework
J) The Framework
K) Losses
L) Contingent liabilities

Question

Match the descriptions with their terms :
-Liabilities that do not satisfy the recognition criteria.
A) Resource providers
B) Materiality
C) Assets
D) SAC 3
E) Full disclosure principle 
F) Cost
G) A conceptual framework
H) Verifiability
I) The Conceptual Framework
J) The Framework
K) Losses
L) Contingent liabilities

Quizplus · Accepted Answer

Contingent liabilities are potential liabilities that may or may not be incurred depending on the outcome of a future event. They do not satisfy the recognition criteria because their existence and amount are uncertain until the event occurs.

Match the Descriptions with Their Terms