Which of the following statements is correct?
A) a provision is a class of liabilities
B) a contingent liability is a class of liabilities
C) a provision is a class of contingent liabilities
D) contingent liabilities and provisions are classes of liabilities
Correct Answer:
Verified
Q20: Liabilities which fail the recognition criteria and
Q21: Entities are not required to disclose which
Q22: A contingent liability is defined as
Q23: Contingent liabilities are:
A) recognised in the financial
Q24: Which of the following statements is correct?
A)
Q25: The June 2005 exposure draft issued
Q26: The costs under an onerous contract are
Q27: An example of where an entity has
Q29: Which of the following is not within
Q30: An entity sells goods under warranty and
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