Liabilities which do not meet the recognition criteria and where the possibility of an outflow of economic resources is remote should:
A) be recognised as an accrual.
B) be recognised as a provision.
C) be recognised as a contingent liability.
D) not be recognised in the financial statement at all.
Correct Answer:
Verified
Q4: Which of the following statements is correct?
A)
Q5: An event that gives rise to a
Q6: Which of the following is an example
Q7: Collins Limited estimated the future cash outflows
Q8: AASB 137 requires provisions to be recognised
Q10: AASB 137 Provisions, Contingent Liabilities and Contingent
Q11: A contingent liability is defined as
Q12: Angus Ltd has provided a bank guarantee
Q13: The costs under an onerous contract are
Q14: The uncertainty that exists in relation to
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