Which of the following statement is incorrect with respect to provisions?
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.
Following the sale of apples with a 30% profit, the seller made an intriguing discovery. He observed that the marked price of an apple exceeded the comb...
A & B jointly made a profit of Rs.1650 and they decided to share it such that 1/3 of A's profit is equal to 2/5 of B's profit. Then profit of B is
A shopkeeper marked an article ‘A’ 20% above the cost price and sold it for Rs. 1008 after giving a certain discount while he sold an article ‘Bâ€...
A man sells two pipes at 12 each. He gains 20% on one and loses 20% on the other. In the whole transaction, there is
The ratio between the marked price and cost price of an article is B:A respectively. The ratio between the selling price and marked price of the article...
Article ‘P’, if sold at a profit of 20% earns a profit of Rs. 500. If article ‘P’ is marked 40% above its cost price and then sold after offerin...
A shopkeeper planned to sell 200 shirts each priced at Rs 2,240 in a particular year. Each shirt, if it had been sold at the mentioned price would have ...
A person sold his goods after announcing two successive discounts of 32% each. The effective discount altogether is
While selling a Bike, Neil gives a discount of 20% on the marked price. If he gives a discount of 24%, he earns Rs.70 less as profit. The marked price o...
A Shopkeeper gives 4 articles free on the purchase of every 12 articles. He also allow a discount of 20% to customer and still earn 20% profit. Find the...