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.

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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