What is a contingent asset?
A. There is no such thing, in either IASB standards or U.S. GAAP, as a contingent asset.
B. This is an asset that has been put up as collateral against a loan.
C. This is a possible inflow of resources arising from a future activity.
D. It is a probable asset, arising from past events ,whose existence is yet to be confirmed definitively by a future event.
Answer:D
What is a contingent asset?
A. There is no such thing, in either IASB standards or U.S. GAAP, as a contingent asset. B. This is an asset that has been put up as collateral against a loan. C. This is a possible inflow of resources arising from a future activity. D. It is a probable asset, arising from past events ,whose existence is yet to be confirmed definitively by a future event.