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- 8. When accounting for contingent liabilities IFRS GAAP defines ‘probable’ as a. likely b. more likely than not c. possible d. none of theseTrue (t) or False (f) _____ Contingent liabilities should be recorded in the accounts if there is a remote possibility that the contingency will actually occur)Q7. The amount by which the balance sheet does not balance at first is called _______. A. total B. liability C. unbalanced line D. no choice given E. asset
- Which of the following is generally associated with payables classified as A/P? (A) Periodic payments of interest (B) secured by collateral a. Neither b. A and B c. A d. BWhich of the application of of a. Presenting a the related s b. Deducting fe gains and pr c. Deducting u trading secu d. Deducting a account and7. Which of the following is not one of the factors impacting the borrowing rate of repo assets? OA Quality of the collateral OB. Terms of the repo OC. Delivery requirements O D. Denomination of the asset OE Seasonal factors
- 48. Which of the following is not an issue associated with liabilities?a. Reportingb. Identificationc. Valuation and Measurementd. Assessment97 Concpteal Fram The economic resource can be distributed to the owners. d. The resource has no use in the entity's operations and has no resale value 12. Which of the following does not meet the definition of an asset? a. Equipment that the entity intends, and is very certain, to acquire in the future. b. Inventories purchased and received but not yet paid. c Land received from a donation. d. A publishing title for a college textbook. The publishing title has no physical substance, meaning you cannot see or touch it. 13. Entity A determined that an asset exists. However, the asset's low probability of inflows of economic benefits and its very high level of measurement uncertainty affected Entity A's recognition decisions about the asset, as these raised doubt on whether the asset's recognition would result in useful information. Consequently, Entity A did not recognize the asset, but because Entity A deemed it relevant, information about the asset was nonetheless provided in the…A basic difference between loss contingencies and “real”liabilities is: a. Liabilities stem from past transactions; loss contingen-cies stem from future events. b. Liabilities always are recorded in the accountingrecords, whereas loss contingencies never are.c. The extent of uncertainty involved. d. Liabilities can be large in amount, whereas loss contin-gencies are immaterial.
- Which of the following is not affected by a change in interest expense? a. gross margin b. EBIT c. ROE d. a. and b e. all of the above41.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 only14) Which of the following is the least liquid current asset? A) Accruals B) Accounts receivable C) Marketable securities D) Inventory