Current Liability: Every company has some debts or liabilities which need to be paid in less than one year or during current accounting period. Those debts or liabilities are called current liabilities. Provision: Companies approach to keep aside certain amount for estimated future losses reflected by provisions. Provision amount depends on the company’s operations. To determine: The amount of total current liabilities and provisions at December 31, 2013 Company L.

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Answer 1

Question

Chapter 11, Problem 11.3IFRS

(a)

To determine

Current Liability: Every company has some debts or liabilities which need to be paid in less than one year or during current accounting period. Those debts or liabilities are called current liabilities.

Provision: Companies approach to keep aside certain amount for estimated future losses reflected by provisions. Provision amount depends on the company’s operations.

To determine: The amount of total current liabilities and provisions at December 31, 2013 Company L.

(b)

To determine

To identify: The L Company’s accounting policies for provisions.

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Answer 2

Question

Chapter 11, Problem 11.3IFRS

(a)

To determine

Current Liability: Every company has some debts or liabilities which need to be paid in less than one year or during current accounting period. Those debts or liabilities are called current liabilities.

Provision: Companies approach to keep aside certain amount for estimated future losses reflected by provisions. Provision amount depends on the company’s operations.

To determine: The amount of total current liabilities and provisions at December 31, 2013 Company L.

(b)

To determine

To identify: The L Company’s accounting policies for provisions.

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Answer 3

Question

Chapter 11, Problem 11.3IFRS

(a)

To determine

Current Liability: Every company has some debts or liabilities which need to be paid in less than one year or during current accounting period. Those debts or liabilities are called current liabilities.

Provision: Companies approach to keep aside certain amount for estimated future losses reflected by provisions. Provision amount depends on the company’s operations.

To determine: The amount of total current liabilities and provisions at December 31, 2013 Company L.

(b)

To determine

To identify: The L Company’s accounting policies for provisions.

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Answer 4

Question

Chapter 11, Problem 11.3IFRS

(a)

To determine

Current Liability: Every company has some debts or liabilities which need to be paid in less than one year or during current accounting period. Those debts or liabilities are called current liabilities.

Provision: Companies approach to keep aside certain amount for estimated future losses reflected by provisions. Provision amount depends on the company’s operations.

To determine: The amount of total current liabilities and provisions at December 31, 2013 Company L.

(b)

To determine

To identify: The L Company’s accounting policies for provisions.

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Answer 5

Chapter 11, Problem 11.3IFRS

(a)

To determine

Current Liability: Every company has some debts or liabilities which need to be paid in less than one year or during current accounting period. Those debts or liabilities are called current liabilities.

Provision: Companies approach to keep aside certain amount for estimated future losses reflected by provisions. Provision amount depends on the company’s operations.

To determine: The amount of total current liabilities and provisions at December 31, 2013 Company L.

(b)

To determine

To identify: The L Company’s accounting policies for provisions.

Answer 6

Chapter 11, Problem 11.3IFRS

(a)

To determine

Current Liability: Every company has some debts or liabilities which need to be paid in less than one year or during current accounting period. Those debts or liabilities are called current liabilities.

Provision: Companies approach to keep aside certain amount for estimated future losses reflected by provisions. Provision amount depends on the company’s operations.

To determine: The amount of total current liabilities and provisions at December 31, 2013 Company L.

Answer 7

Chapter 11, Problem 11.3IFRS

(a)

To determine

Current Liability: Every company has some debts or liabilities which need to be paid in less than one year or during current accounting period. Those debts or liabilities are called current liabilities.

Provision: Companies approach to keep aside certain amount for estimated future losses reflected by provisions. Provision amount depends on the company’s operations.

To determine: The amount of total current liabilities and provisions at December 31, 2013 Company L.

Answer 8

(b)

To determine

To identify: The L Company’s accounting policies for provisions.

Answer 9

(b)

To determine

To identify: The L Company’s accounting policies for provisions.

Answer 10

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Answer 11

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Answer 13

Ch. 11 - Prob. 1Q Ch. 11 - Prob. 2Q Ch. 11 - Prob. 3Q Ch. 11 - Prob. 4Q Ch. 11 - Prob. 5Q Ch. 11 - Prob. 6Q Ch. 11 - Prob. 7Q Ch. 11 - 8. What is the difference between gross pay and...Ch. 11 - Prob. 9Q Ch. 11 - Prob. 10Q

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To identify: The L Company’s accounting policies for provisions.

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