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SUBJECT: FINANCIAL ACCOUNTING & REPORTING 3 I NEED ANSWER FOR ALL following terms: a. Provision b. Liability c. Contingent liability d. Contingent assets e. Legal

image text in transcribed SUBJECT: FINANCIAL ACCOUNTING & REPORTING 3

I NEED ANSWER FOR ALL

following terms: a. Provision b. Liability c. Contingent liability d. Contingent assets e. Legal obligation f. Constructive obligation following terms: a. Provision b. Liability c. Contingent liability d. Contingent assets e. Legal obligation f. Constructive obligation

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