If an inflow of economic benefits is probable then a contingent asset is disclosed in the financial statements.
Options
A
B
C
D
For any discrepancies in this question, email contact@cadada.in
Theoretical FrameworkQ-3 | Contingent Assets and Contingent LiabilitiesQuestion 4974 of 110
All Questions Correct Answer
✅ Option — Correct Option
All Options:
- A
- B
- C
- D
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).
More Questions from Theoretical Framework
What do you mean by accounting? Give its definition.
What are the branches of Accounting? Explain. OR What are the sub-fields of Accounting? [Dec 2023]
Limitations of accounting
Functions of accounting data. [Jan. 2025, 4 Marks]
Differentiate between Book keeping and Accounting. [Sept. 2024, 4 Marks]
Capital is all assets less fictitious assets.
Ready to Master Theoretical Framework?
Practice all 110 questions with instant feedback, earn XP, track your streaks, and ace your CA Foundation exam.
Start Practicing — It's Free