Under IFRS, a liability is recorded if the chance of occurrence is Select one: A. probable. B. likely. C. undeterminable. D. unlikely.
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- Which of the following best describes a contingent liability that is likely to occur but cannot be reasonably estimated? A. reasonably possible B. probable and estimable C. probable and inestimable D. remote1. Under IFRS, which of the following is used to measure a liability, if a range of estimates ispredicted and no amount in the range is more likely than any other amount in the range?a. Minimum of the rangeb. Maximum of the rangec. Mid-point of the ranged. Average of the rangeWhen is a contingent liability is reported? Select one: when the likelihood of the loss is reasonably possible and a range of outcomes can be estimated when the future events will possibly occur, and the amount of the loss is material when the amount of the loss can be reasonably estimated when the likelihood of the loss is probable and the amount of the loss can be reasonably estimated
- When a contingent liability exists, the likelihood for loss can be evaluated as probable, reasonably possible, or remote. A remote loss is a loss where the chance of occurrence is slight a loss that is likely to occur a loss where the chance of occurrence is moderate falls between the chance of occurrence is slight and a loss is likely to occurThe present obligation is not a contingent liability but shall be recognized as a provision when *a. Amount is reasonably estimable and event occurs infrequentlyb. Amount is reasonably estimable and occurrence of event is probablec. Event is unusual in nature and occurrence of event is probabled. Event is unusual in nature and event occurrs infrequentlyWhen recognizing a contingent liability, if the future event is probable (likely) and the amount can be reasonably estimated, what are we required to do? A.Group of answer choices B.Do not record or disclose C.Record the liability D. Disclose in notes on financial statements
- An obligation that is contingent on the occurrence of a future event should be reported in the statement of financial position as a liability if: a. The amount of the obligation can be reasonably estimated. b. The future event is likely to occur. c. The occurrence of the future event is at least reasonably possible and the amount is known d. The occurrence of the future event is probable and the amount can be reasonably estimated.A contingent liability should be recorded in the financial statements when the: Select one: a. Contingent event is probable and the amount can be reasonably estimated. b. Contingent event is probable regardless of whether the amount can be reasonably estimated c. Contingent event is reasonably possible or probable regardless of whether the amount can be reasonably estimated d. Contingent event is reasonably possible and the amount can be reasonably estimatedA provision is an existing liability of uncertain timing and uncertain amount True False
- Which of the following would not be considered a general long term liability?Select one:a. Long term promissory notesb. Long term portion of judgementc. Unfunded compensated absencesd. Unfunded rent obligationDistinguish between a determinable current liability anda contingent liability. Give two examples of each type.Under what conditions should a contingent liability berecorded?