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a possible obligation that arises from past events whose existence will be confirmed only by the occurence or non occurence of one or more uncertain future events not wholly with in the entity control
A..a provision
b .a current liability
c a contingent liability
d a contingent assetanswer should be d
but in bpp kit its c
can you helpThe answer is certainly (c).
An obligation is when you are obliged to pay something – i.e. a liability, not an asset!
The free lecture on contingent liabilities etc will help you.
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