Multiple Choice
When accounting for a business combination a contingent liability is recognised if:
A) its fair value can be measured reliably.
B) it is a possible obligation and it is probable that it will occur.
C) it is a present obligation that has failed to meet the recognition criteria.
D) it is probable that an outflow of resources may occur in order to settle the obligation.
Correct Answer:
Verified
Correct Answer:
Verified
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