Question: 6 Which statement about contingent assets is correct? 1. It involves only potential economic outflows of resources. 2. Inventory is an examples of a contingent

6 Which statement about contingent assets is correct? 1. It involves only potential economic outflows of resources. 2. Inventory is an examples of a contingent asset 3. It involves uncertainly about either the timing or amount of payment 4. It is a condition that depends upon the conclusion of a forecasted event. 5. It is a possible asset that depends upon the conclusion of a future event

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