Which of the following statements is correct? (a) There is no need to account for a liability

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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  book-img-for-question

Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

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