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Which statement is correct?

Which statement is correct?

Select one:

a. A contingent liability is a possible but uncertain obligation at balance date

b. A commitment is an amount contracted for and incurred at balance date

c. The current portion of a loan is recorded as a current asset

d. A provision is a type of current asset

Top Answer

The correct statement is a. A... View the full answer

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a. A contingent liability is a... View the full answer

1 comment
  • Reference: https://www.investopedia.com/terms/c/contingentliability.asp
    • hayl149
    • Aug 12, 2018 at 9:58am

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