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Which Statement Is Correct About Provisions,contingent Assets and Contingent Liabilities

Question 82

Multiple Choice

Which statement is correct about provisions,contingent assets and contingent liabilities?


A) Provisions are recorded in the financial statements whereas contingent assets are not recorded.
B) Provisions are recorded in the financial statements whereas contingent liabilities are not recorded.
C) Probable contingent liabilities are recorded at management's best estimates.
D) Probable contingent assets are recorded at management's best estimates.

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