【每日一练】ACCA F3（ June 2014）

Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.
Each question is worth 2 marks.

Prior to the financial year end of 31 July 20X9, Cannon Co has received a claim of $100,000 from a supplier for providing poor quality goods which have damaged the supplier’s plant and equipment. Cannon Co’s lawyers have stated that there is a 20% chance that Cannon will successfully defend the claim.
Which of the following is the correct accounting treatment for the claim in the financial statements for the year ended 31 July 20X9?
A Cannon should neither provide for nor disclose the claim
B Cannon should disclose a contingent liability of $100,000
C Cannon should provide for the expected cost of the claim of $100,000 
D Cannon should provide for an expected cost of $20,000

Answer：

C

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