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Provisions, Contingent Assets and Liabilities

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Provisions, Contingent Assets and Liabilities

  • This topic has 1 reply, 2 voices, and was last updated 2 months ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • July 18, 2023 at 10:13 am #688484
    Adeline12345
    Participant
    • Topics: 1
    • Replies: 0
    • ☆

    Which of the following statements regarding contingencies is true and why?

    a) Contingencies that are probable and not estimable appear on the balance sheet.

    b) Contingencies that are probable and not estimable are disclosed in the notes to the financial statements.

    c) Contingencies that are remote but estimable are disclosed in the notes to the financial statements.

    d) Contingent assets are recorded on the balance sheet, but not in the notes to the financial statements.

    July 19, 2023 at 2:36 pm #688578
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6699
    • ☆☆☆☆☆

    Hi,

    I’m not here to outright answer questions for you. You need to answer them yourself first and if you do not get the answer then I can gladly help you with what you need to get the right answer.

    I look forward to hearing back from you with an answer and why you believe it to be that one so that I can then assist.

    Thanks

  • Author
    Posts
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