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      Question

      A contingent asset

      is:
      A Recognised in the statement of financial position always Correct Answer Incorrect Answer
      B Not recognised but disclosed where inflow is probable Correct Answer Incorrect Answer
      C Treated same as contingent liability Correct Answer Incorrect Answer
      D Immediately recognised as revenue when identified Correct Answer Incorrect Answer
      E Recognised as deferred tax asset Correct Answer Incorrect Answer

      Solution

      Contingent assets are not recognised; disclosed where inflow is probable.

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