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

Question

Quizplus · Accepted Answer

Provisions for Other Risks is another term used in some countries to describe what is commonly known as Contingent Liabilities in the United States. Share Capital and Capital Reserves are not related to contingent liabilities, while Deferred Income refers to revenue received in advance for goods or services that have not been provided yet.

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