Question
Which of the following statement is incorrect with
respect to provisions?Solution
Ind AS 37 defines a provision as a liability of uncertain timing and amount and prescribes conditions that have to be satisfied for recognition of a provision. A provision shall be recognised when: ·        an entity has a present obligation (legal or constructive) that is a result of a past event; ·        it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and ·        a reliable estimate can be made of the amount of the obligation. A contingent liability is contingent upon happening/non happening of an event. An entity shall not recognise a contingent liability.
- Choose the option which can be substituted for the given words/sentence.
A place where birds of prey, such as eagles or hawks, are kept
... Select the option that can substitute the highlighted segment in the given proverb correctly. If there is no need to substitute it, select ‘No substit...
Select the most appropriate option to substitute the highlighted segment in the given sentence. If there is no need to substitute it, select ‘No subs...
Select the most appropriate option to substitute the bold segment in the given sentence. If there is no need to substitute it, select ‘No substitution...
Select the most appropriate option to substitute the highlighted segment in the given sentence. If there is no need to substitute it, select ‘No subs...
Prevent a person from having or using something.
Choose an option, which can be substituted for a given word/sentence/phrase out of given options.
 A person who is afraid of water
Give a single word that substitutes for the following expression:
A list of items to be discussed at a meeting
Select the option that can be used as a one-word substitute for the given group of words.
A person who supervises during an examination
Select the most appropriate option to substitute the underlined segment in the given sentence. If there is no need to substitute it, select ‘No subst...
