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16 February, 00:03

An off-balance-sheet asset is an item that moves onto the asset side of the balance sheet when a contingent event occurs or at the end of a financial period. True or false?

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  1. 16 February, 00:09
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    True

    Explanation:

    Off - balance-sheet asset

    Off-balance-sheet asset is an asset kept offthe balance sheet until a specified event occurs. When the contingent event occurs, the asset item or activity - moves onto the asset side of the balance sheet, or income is noticed on the income statement
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