Class/Course - CA - CPC

Subject - Fundamentals of Accounting

Chapter - Contingent Assets and Contingent Liabilities


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Q.1 Which of the following is not a difference between a provision and contingent liability?
  A provision meets the recognition criteria whereas a contingent liability fails to meet the same.
  Provision is a present liability of uncertain amount whereas contingent liability is a possible obligation which arises from past event.
  Provision can’t be measured whereas contingent liability can be accurately measured.
  None of the above.