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  3. which of the following statements about provisions

Which of the following statements about provisions is/are correct? 1. A provision can only...

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Accounting

Which of the following statements about provisions is/are correct?

1. A provision can only be made when there is a present obligation as the result of a past event

2. Provisions are always made for both possible and probable contingent liabilities

Only statement 1 is correct

Only statement 2 is correct

Both statements are correct

Neither statement is correct

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