What is a "contingent asset?"
A) There is no such thing, in IASB standards, as a "contingent asset."
B) This is an asset that has been put up as collateral against a loan.
C) This is a possible inflow of resources arising from a future activity.
D) It is a probable asset, arising from past events, whose existence is yet to be confirmed definitively by a future event.
Correct Answer:
Verified
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