Contingent liabilities are:
A) recognised in the financial statements unless the possibility of an outflow in settlement is remote.
B) recognised in the notes to the financial statements because the possibility of an outflow in settlement is remote.
C) recognised in the notes to the financial statements unless the possibility of an outflow in settlement is remote.
D) not recognised in the notes to the financial statements because the possibility of an outflow in settlement is remote.
Correct Answer:
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