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- Which of the following is not a liability? a) Amounts owed to shareholders as capital b) Government grants repayable c)Rebates payable d) DebenturesWhat are two main advantages of limited liability company?1. Which of the following are recognized as a liability?I. Cash dividends payableII. Scrip dividends payableIII. Property dividends payableIV. Share dividends payable All are recognized as a liability I and II only. I and III only I, II, and III only 2. Which of the following situations will result in a future deductible amount? Carrying amount of the asset > tax base of the asset Tax base of the asset > carrying amount of the asset Carrying amount of the liability < tax base of the liability Financial income > Taxable income 3. Under IAS 19 Employee Benefits, how is actuarial gain or loss handled? recognized in full in profit or loss. recognized in full in other comprehensive income. amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the profit or loss. amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the other comprehensive income.
- How Limited liability is different to unlimited liability? Briefly explain with an example of businesses.3. Which of the following would be considered an advantage of the sole proprietorship form of organization? unlimited liability wide access to capital markets profits taxed at only one level a pool of expertiseWhat are the advantages of Limited Liability Company?
- 5- Which one of the following is a special type of liability? a. Deferred income taxes b. Salaries payable c. Accrued expenses d. Bond payable33. Multiple Choices. Which one of the following is not a current liability? a. Property dividends payable b. Bonus obligations to employees c. Share dividends issuable d. Estimated income taxes payable e. Advances from customers4.3 Which of the following will constitute a line item in a close corporation’s statement of members’ net investment? A Member’s contributions B Revaluation surplus / reserve C Loans from members D Current accounts
- Analyse the concept of “Limited liability”1- A loan borrowed by an individual secured against the personal property is. a. Character b. Conditions c. Capital d. CollateralWhich of the following are recognized as liability?I. Cash dividends payableII. Share dividends distributableIII. Scrip dividends payableIV. Property dividends payable a. All are recognized as liability. b. I and II only. c. I and III only d. I, II and IV only