Chapter 11 - Current Liabilities and Contingencies

Question 1

Factors that effect indebtedness

Answer 1

Question 2

Liability

Answer 2

Question 3

Conditions to be a Liability

Answer 3

Question 4

Provisions

Answer 4

Question 5

Financial Liability

Answer 5

Question 6

Current Liabilties

Answer 6

Question 7

Financial Liabilities Held for Trading

Answer 7

Question 8

Other Financial Liabilities

Answer 8

Question 9

Fair Value

Answer 9

Question 10

Non-Financial Liabilities

Answer 10

Question 11

Current Ratio

Answer 11

Current Assets / Current Liabilities

Question 12

Working Capital

Answer 12

Current Assets - Current Liabilities

Question 13

Current Assets

Answer 13

Question 14

Trade Payables

Answer 14

Question 15

Cut-off

Answer 15

Question 16

Gross Versus Net

Answer 16

Question 17

Journal Entry for Gross and Net Methods (100,000 with 2/10 net 30)

Answer 17

Question 18

J/E for Sales Tax and Settlement

Answer 18

Question 19

Warrenty

Answer 19

Question 20

Expected Value

Answer 20

Question 21

Defferred Revenue

Answer 21

Question 22

J/E Awards Supplied by entity (Rewards Program)

Answer 22

Hotel Example:

Question 23

The Effects of changes in the Foreign exchange rates

Answer 23

Question 24

Contingencies

Answer 24

Question 25

Three Ranges of Probabilities

Answer 25

Question 26

Contingent Liability

Answer 26

Question 27

Contingent Asset

Answer 27

Question 28

Financial Guarantee Asset

Answer 28

Question 29

Substantive Differences between IFRS and ASPE (1)

Answer 29

Question 30

Substantive Differences between IFRS and ASPE (2)

Answer 30