Question 5 You are required to refer to the conceptual Framework and especially the two factors listed below and explain why future warranty costs should be recognised as a liability in the statement of financial position in the current period. Three elements that should be considered in your answer include the following: - Definition of various elements of the financial statements . - recognition criteria of various elements of the financial statements Note: Please do not redefine a liability in your answer. You are required to refer to the conceptual framework and discuss your answer by referring to the definition, recognition criteria.
Question 5
You are required to refer to the conceptual Framework and especially the two factors listed below and explain why future warranty costs should be recognised as a liability in the
Three elements that should be considered in your answer include the following:
- - Definition of various elements of the financial statements .
- - recognition criteria of various elements of the financial statements
Note: Please do not redefine a liability in your answer. You are required to refer to the conceptual framework and discuss your answer by referring to the definition, recognition criteria.
Question 6
You are required to refer to the Conceptual Framework and discuss whether GST payable should be treated as a revenue or liability in an entity’s account? You are required to refer to the following factors when providing your answer:
- - Definition of various elements of the financial statements
- - recognition criteria of various elements of the financial statements (
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