Reference no: EM132759290

Problem 1: Under IAS 37/AASB 137, which of the following provisions is not regarded as a liability?

Select one:

a. Provision for long-service leave

b. Provision for doubtful debts

c. Provision for warranties

d. Provision for onerous contracts

Problem 2: Which of the following would not be defined as a liability under the Conceptual Framework?

Select one:

a. Salaries owing to managers.

b. A loan from a financial institution.

c. An arrangement to pay a quarterly bonus commission to salespersons for achieving sales over a certain level.

d. Money owing to a supplier for goods purchase.