Exam 3 Review (Student)

Chapter 10, Question 16: What are contingent liabilities? List three examples of contingent liabilities. When should contingent li-abilities be recorded in the accounts?

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the classified balance sheet will show which liability subsections? A. current liabilities and other liabilities B. current liabilities and long term liabilities C. other liabilities and long term liabilities D. present liabilities and tomorrow's liabilities

Knowledge Check 01 Which of the following describes the criteria that must be met for a contingent liability to be reported as a liability on the balance sheet?

Potential liabilities that depend on future events arising out of past events are calleda. contingent liabilities.b. estimated liabilities.c. current liabilities.d. long-term liabilities.

Which of the following items would typically appear in the current liabilities section of a classified balance sheet? Multiple Choice Interest payable All of these answer choices are correct. Salaries payable Accounts payable

Current liabilities normally are recorded at their: Select one: O a. Expected value. O b. Present value. O c. Cost. O d. Maturity amount.

Mark for Review Question 26 of 30 The ratio quantifies the degree of available liquid assets is Liquidity coverage ration Temporay assets to total assets O Temporary assets to volatile liabilities Veiatie liabilities to total assets

Sub: Accounting

Answer???

Define liabilities and distinguish between current and long-term liabilities.

1. What are contingent liabilities and could you give some examples of contingent liabilities? Which two conditions have to be met in order to report a contingent liability on a balance sheet?

The default subsequent measurement base for financial liabilities is: Select one: amortised cost through profit or loss fair value using the effective interest rate. amortised cost using the effective interest rate fair value through profit or loss

For each of the following accounts, give key risks, relevant assertions and how to test those assertions. 1. Statement of profit or loss items 2. Non-current assets 3. Inventory 4. Recievables 5. Bank 6. Payables 7. Long-term liabilities

Current LiabilitiesPROBLEM 1: TRUE OR FALSE4. Financial liabilities other than FVPL liabilities are initiallymeasured at fair value plus transaction costs.5. Amortized cost financial liabilities are subsequently measuredat the present value of the cash outflows from the instrument.6. Financial liabilities may be subsequently reclassified betweenthe amortized cost and fair value measurement categories.7. Trade payables and other liabilities that are part of an entity'sworking capital may be presented as current liabilities even ifthey are expected to be settled beyond one year.8. According to PAS 1, a currently maturing debt that the entity'smanagement intends to refinance is presented as noncurrent.9. According to PFRS 15, if an entity expects that a portion of giftcertificates sold will not be redeemed, the entity recognizes theexpected breakage amount as revenue in proportion to thepattern of rights exercised by customers.10. Unearned revenue is revenue that is earned but not yet…

Long questions. For each of the following accounts, give key risks, relevant assertions and how to test those assertions. 1. Non-current assets 2. Inventory 3. Receivables 4. Bank 5. Payables 6. Long-term liabilities 7. Statement of profit or loss items

Unrealized gains or losses on short-term investments are reported using: Question 10 options: a liability account an asset account an expense account a revenue account

Liabilities in the statement of affairs are classified into   a. Unsecured liabilities with priority b. Fully secured creditors c. Partially secured creditors d. Unsecured liabilities without priority e. All of these

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7. Conceptually all liabilities should be reported on the balance sheet at a. the present value of the future outlays they require b. their maturity value c. face amount d. their current cash equivalent amount

41.Which of the following shall be taken into consideration when measuring and recognizing impairment loss on receivables?A.  Past experiences on the collectability of the receivablesB.  Present condition of the debtor, including the present economic environmentC.  Future expectations based on information that are available without undue cost and effort   a. A, B and C b. A and B only c. A only d. B only

Which item below is not a current liability? Select one: O O a. Unearned revenue b. Trade accounts payable c. cash dividends d. The currently maturing portion of long-term debt