Current Liabilities - True/False2-10 Current Liabilities PROBLEM 1: TRUE OR FALSE2. Legal obligations arise only from law.3. A long-term debt that is maturing within 12months from the end of the reporting period isa current liability.4. Financial liabilities other than FVPL liabilitiesare initially measured at fair value plustransaction costs.5. Amortized cost financial liabilities aresubsequently measured at the present value ofthe cash outflows from the instrument.6. Financial liabilities may be subsequentlyreclassified between the amortized cost andfair value measurement categories.7. Trade payables and other liabilities that arepart of an entity's working capital may bepresented as current liabilities even if they areexpected to be settled beyond one year.8. According to PAS 1, a currently maturingdebt that the entity's management intends torefinance is presented as noncurrent.9. According to PFRS 15, if an entity expectsthat a portion of gift certificates sold will not beredeemed, the entity recognizes the expectedbreakage amount as revenue in proportion tothe pattern of rights exercised by customers.10. Unearned revenue is revenue that is earnedbut not yet collected

Current Liabilities - It is financial obligations of the company which are due within one year and…

Current Liabilities PROBLEM 1: TRUE OR FALSE 2. Legal obligations arise only from law. 3. A long-term debt that is maturing within 12 months from the end of the reporting period is a current liability. 4. Financial liabilities other than FVPL liabilities are initially measured at fair value plus transaction costs.

Current Liabilities PROBLEM 1: TRUE OR FALSE 2. Legal obligations arise only from law. 3. A long-term debt that is maturing within 12 months from the end of the reporting period is a current liability. 4. Financial liabilities other than FVPL liabilities are initially measured at fair value plus transaction costs.

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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