Question 1

Which of the following characteristic is required for a "liability" under IFRS Framework?

Accepted Answer

A) Expected to result in the inflow of economic benefits. 
B) Expected to result in the inflow of economic benefits that are measurable. 
C) Expected to result in the outflow of economic benefits. 
D) Expected to result in the outflow of economic benefits that are virtually certain. 
A) Expected to result in the inflow of economic benefits. 
B) Expected to result in the inflow of economic benefits that are measurable. 
C) Expected to result in the outflow of economic benefits. 
D) Expected to result in the outflow of economic benefits that are virtually certain.

Question 2

Which statement is correct about provisions,contingent assets and contingent liabilities?

Accepted Answer

A) Provisions are recorded in the financial statements whereas contingent assets are not recorded. 
B) Provisions are recorded in the financial statements whereas contingent liabilities are not recorded. 
C) Probable contingent liabilities are recorded at management's best estimates. 
D) Probable contingent assets are recorded at management's best estimates. 
A) Provisions are recorded in the financial statements whereas contingent assets are not recorded. 
B) Provisions are recorded in the financial statements whereas contingent liabilities are not recorded. 
C) Probable contingent liabilities are recorded at management's best estimates. 
D) Probable contingent assets are recorded at management's best estimates.

Question 3

Which statement about contingencies is correct?

Accepted Answer

A) It involves only potential economic outflows of resources. 
B) It is a possible condition that depends upon the outcome of a future event. 
C) It involves uncertainty about either the timing or amount of payment. 
D) It is an existing condition that depends upon the outcome of a future event. 
A) It involves only potential economic outflows of resources. 
B) It is a possible condition that depends upon the outcome of a future event. 
C) It involves uncertainty about either the timing or amount of payment. 
D) It is an existing condition that depends upon the outcome of a future event.

Which of the following characteristic is required for a "liability" under IFRS Framework?

Which statement is correct about provisions,contingent assets and contingent liabilities?

Which statement about contingencies is correct?

Non-Current Financial Liabilities

Equities

Complex Financial Instruments

Earnings Per Share

Accounting for Income Taxes

Pensions and Other Employee Future Benefits

Accounting for Leases

Statement of Cash Flows

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Exam 11: Current Liabilities and Contingencies

Which of the following characteristic is required for a "liability" under IFRS Framework?

Which statement is correct about provisions,contingent assets and contingent liabilities?

Which statement about contingencies is correct?

Non-Current Financial Liabilities

Equities

Complex Financial Instruments

Earnings Per Share

Accounting for Income Taxes

Pensions and Other Employee Future Benefits

Accounting for Leases

Statement of Cash Flows

Filters