A liability which can be measured only by using a substantial degree of estimation is called .........

CS Executive · Corporate and Management Accounting · PYQS · June 2023
A liability which can be measured only by using a substantial degree of estimation is called .........
(A) Reserve
(B) Provision
(C) Contingent liability
(D) Current liability

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Corporate Accounting

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