A claim that an enterprise is pursuing through legal process, where the outcome is uncertain, is a Contingent Liability. [June 2022, 2 Marks]; [MTP Jan. 2025]
Options
A
B
C
D
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Theoretical FrameworkQ-5 | Accounting PoliciesQuestion 4976 of 110
All Questions Correct Answer
✅ Option — Correct Option
All Options:
- A
- B
- C
- D
Detailed Solution & Explanation
False: A claim that an enterprise is pursuing through legal process, where the outcome is
uncertain, is treated as a Contingent Asset.
UNIT – 5 (ACCOUNTING POLICIES)
Key Concepts to Understand
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