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.
Read the given statements and conclusions carefully. Assuming that the information given in the statements is true, even if it appears to be at varianc...
Conclusions:
A few platforms may be trains.
Some tickets being passenger is a possibility.
Statements:
Statement : Â Only Phone are Charger
Few Battery are phone
None of the Power bank are battery.
Conclusion
I.A few charge...
In the question below there are three statements followed by three conclusions I, II and III. You have to take the three given statements to be true ev...
Statements:
No brinjal is a cauliflowerÂ
All cauliflower are cabbageÂ
Some spinach are cabbageÂ
Conclusions:
...
Conclusions:
I. Some Rats are Cats.
II. Few Cows are Dogs.
Statements:
Some hangers are cloths.
All cloths are drawers.
Some drawers are almirahs.
Conclusions :
I . Some d...
Statements:
Some tigers are dog
Only a few dogs are cats
All cats are lions
Only a few lions are horses
Conclusion...
Statements:
All Sheep are Peacock.
 All Peacock are Deer.
 Mostly Sheep are Hen.
 Conclusion:
I. Few...
Statements:
All Nails are Fingers.
All Fingers are Toes.
Only a few Toes are Games.
Only Games are Arms.
Conclusions:...
