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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.
“Firefighting clothes” are made from
Of the following which one pollutes the air of abig city?
The chiefsource for the production of nitrogeneous fertilizers is :
The gas that usually causes explosions in coal mines is
Which one of the following is an example of a gel?
Bakelite is a copolymer of Phenol and
Spirit in contact with body gives cool sensation because it is:
The Bhopal tragedy was caused by the gas
Which of the following processes is used for the production of Biodiesel?
Natural rubber is the polymer of: