Multiple Choice
AASB 137 'Provisions,Contingent Liabilities and Contingent Assets' requires information about contingent liabilities to be disclosed in a note to the financial statements where the probability of a future sacrifice of economic benefit is:
A) higher than remote
B) above 20%
C) between 25% and 50%
D) above 50%
Correct Answer:
Verified
Correct Answer:
Verified
Q19: Explain and discuss three essential characteristics of
Q20: Under the Framework,assets should be recognised in
Q21: Which statement is incorrect?<br>A) Net assets, net
Q22: What characteristic is emphasised in the definition
Q23: Future economic benefits for assets come from:<br>A)
Q25: Depreciation and wages that have been accrued
Q26: Under the Framework,a transport company does not
Q27: An entity has decided to commit itself
Q28: Which of these is the strongest argument
Q29: In the Framework,'probable' means:<br>A) greater than 50%