Column A 1.1 Provisions 1.2 Adjusting event 1.3 Onerous contract 1.4 Reimbursement asset 1.5 non-adjusting event 1.7 Contingent liabilities 1.8 Past events 1.9 Restructuring Column B 1.10 Contingent assets A) Possible assets, the existence of which is still to beconfirmed 1.6 Future operating losses F) Changes either the scope of the business or the manner in which the business is conducted. B) Events that occurred on or before the recognition date C) Those that do not meet either the definition or recognitioncriteria of a liability. D) A provision may never be recognized as they are avoidable. E) Liabilities that involve uncertainty in terms of either the amount or timing of its settlement G) Events that provide evidence of conditions that existed asat the end of the period. H) Contract where the unavoidable costs of meeting theobligation are more than economics benefits expected 1) Events that are indicative of conditions that arose after thereporting period J) A guarantee offered by a manufacturer to the retailer is anexample of this asset.

Assets are creditors claims on assets. These claims reflect company obligations to provide assets, products or services to others True B False

correct Answer please

Match the terms with the definitions.   Question 39 options:   The concept that nonbusiness assets and liabilities are not included in the business' accounting records.   A formal written promise to pay a supplier or lender a specified sum of money at a definite future time.   The excess of total revenues over total expenses for the period.   An unwritten promise to pay a supplier for assets purchased or services rendered.   A separate record used to summarize changes in each asset, liability, and owner's equity of a business.   Items a business owns that will provide future benefits.   Reports assets, liabilities, and owner's equity on a specific date.   An economic event that has a direct impact on the business.   Reports beginning capital, plus net income, less withdrawals to compute ending capital.   Withdrawals that reduce owner's equity as a result of the owner taking cash or other assets out of…