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Provisions are recognised as a liability in the statement of financial position, whereas contingent liabilities are not recognised in the financial statements but disclosed in the notes to financial statements. Paragraph 12 of AASB 137/IAS 37 Provisions, Contingent Liabilities and Contingent Assets state that 'in a general sense, all provisions are contingent because they are uncertain in timing or amount.'
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Question 1: What are some of the possible reasons that provisions are recognised in the financial statements, but contingent liabilities are not? Provide at least two reasons for provisions and two reasons for contingent liabilities.
Use your experience or research, identify one or more internal control deficiencies in any of the processes in a firm. You can also search the internet to identify an internal control deficiency in a company subject to Sarbanes Oxley Act.
A comparative balance sheet for Century Company appears below. Prepare a statement of cash flows for the year ended December 31, 2015, using the indirect method.
Accounting for share capital - Prepare the journal entries to record the transactions of Rippa Ltd up to and including that which took place on 25 March 2018
Set up a risk free hedge of 1 share of stock and - m shares of the second asset. What is the value of m - What is the model price?
Andrews Corporation uses a process costing system for manufacturing. The following information is available for the February in its Polishing Department: Equivalent units of production—direct materials 110,000 EUP Equivalent units of production—conve..
What is the market price per share? If interest rates in general should rise so that the required return becomes 12 percent, what will happen to the market
Bob operates a plumbing business and this year the 3-year old van he used in the business was destroyed in a traffic accident. The van was originally purchased for $20,000 and the adjusted basis was $5, 800 at the time of the accident. Although the v..
Don's personal auto was damaged in a wind storm this year. Don purchased the auto several years ago for $51,900 and it was worth $28,545 at the time of the storm. The damage was superficial, so Don decided not to repair the car. Although Don collecte..
Calculate the balance in retained earnings at the time of the change (beginning of 2011) as it would have been reported if FIFO had been used in prior years.
What was the? company's total revenue for the? month? Purchased office supplies on? account, $ 5 comma 800, Provided services for? cash, $ 22 comma 000
Sandra owned a rental apartment building in her sole name for four years. After her business advisors suggested that she conduct her rental activity in corporate form, she promptly transferred the apartment building to ABC Rental Corporation, a newly..
Prepare an analysis showing what the impact will be on company profits if this tour is discontinued - The company's tour director has been criticized because only about 50% of the seats on the company's tours are being filled as compared to an aver..
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