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      Question

      Which of the following situations requires recognition

      of provision?
      A Possible obligation from past event, not probable Correct Answer Incorrect Answer
      B Present obligation with probable outflow and reliable estimate possible Correct Answer Incorrect Answer
      C Future operating losses expected Correct Answer Incorrect Answer
      D Remote obligation Correct Answer Incorrect Answer
      E Contingent asset likely to arise Correct Answer Incorrect Answer

      Solution

      Provision is recognized only when: present obligation + probable outflow + reliable estimate.

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