Reference no: EM132757027
Problem 1: According to PAS 37, provisions are (choose the incorrect statement).
a) presented in the statement of financial position separately from other types of liabilities
b) recognized and disclosed
c) necessarily estimated because their settlement amount is not certain.
d) disclosed only, unless their expected occurrence is remote.
Problem 2: According to PAS 37, provisions are measured at...
a) the entity's best estimate of the settlement amount. c) the mid-point amount of a range of estimate
b) the expected value of the settlement amount. d) any of these, whichever is most appropriate
Problem 3: According to PAS 38, intangible assets measured as follows,
Initial measurement Subsequent measurement
a) cost a) fair value
b) cost b) cost model or revaluation model
c) cost c) cost model or fair value model
d) fair value d) cost model or revaluation model
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