How do contingent assets differ fromprovisions?a) Recognition timing remains the sameb) Both types follow identical rulesc) Probable inflows need differentrecognition criteria than outflowsd) Measurement approaches never vary

Explanation of Contingent Assets: These are possible assets that arise from past events and whose…

Answered: How do contingent assets differ from…

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter14: Auditing It Controls Part I: Sarbanes-oxley And It Governance

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How do contingent assets differ from provisions? a) Recognition timing remains the same b) Both types follow identical rules c) Probable inflows need different recognition criteria than outflows d) Measurement approaches never vary