If an inflow of economic benefits is probable then a contingent asset is disclosed in the financial statements.
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Theoretical FrameworkQ-3 | Contingent Assets and Contingent LiabilitiesQuestion 4641 of 110
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Detailed Solution & Explanation
False: If an inflow of economic benefits is probable then a contingent asset is disclosed in
the report of the approving authority (Board of Directors in the case of a company, and the
corresponding approving authority in the case of any other enterprise).
About This Chapter: Theoretical Framework
Paper
Paper 1: Accounting
Weightage
5-10%
Key Topics
Policies, Standards (Ind AS), Vocabulary
This chapter covers Policies, Standards (Ind AS), Vocabulary and is part of Paper 1: Accounting in the CA Foundation exam.
View Official ICAI SyllabusExam Strategy Tip
This topic carries 5-10% weightage. Focus on understanding core concepts rather than memorizing.
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