Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as contingent liability.
Options
A
B
C
D
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Theoretical FrameworkQ-1 | Contingent Assets and Contingent LiabilitiesQuestion 4639 of 110
All Questions Correct Answer
✅ Option — Correct Option
All Options:
- A
- B
- C
- D
Detailed Solution & Explanation
False: Present liability of uncertain amount, which can be measured reliably by using a
substantial degree of estimation is termed as provision.
Key Concepts to Understand
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