Significant differences exist in terms on financial statements around the world.For example, another name for what we know as Contingent Liabilities in the U.S.is:
A) Share Capital
B) Capital Reserves
C) Provisions for Other Risks
D) Deferred Income

Question

Quizplus · Accepted Answer

In the U.S., Contingent Liabilities refer to potential obligations that may or may not arise in the future. However, in other countries, these obligations may be referred to as Provisions for Other Risks or other similar terms. Share Capital refers to the amount of capital raised by a company through the sale of shares, while Capital Reserves refer to reserves set aside from profits. Deferred Income refers to income received in advance of the delivery of goods or services. None of these terms would be used in place of Contingent Liabilities.

Significant Differences Exist in Terms on Financial Statements Around the World.For