Which of the following statements is correct? (a) There is no need to account for a liability
Question:
Which of the following statements is correct?
(a) There is no need to account for a liability if the amount is not known for certain
(b) When an asset is acquired a provision will need to be made for all repairs needed during its use
(c) The amount of audit fees remaining unpaid may be referred to as a provision
(d) A liability with uncertainty regarding either its timing or amount may be called a provision
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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