Because of the Uncertainties Involved in Making Future Predictions,AASB 119

question 47

Multiple Choice

Because of the uncertainties involved in making future predictions,AASB 119 requires:

• A) That the long service leave estimate be based on the level of salary paid to employees at the time the entitlement was earned.
• B) That there is no consideration given to future inflation rates or promotion prospects of employees.
• C) That the discount rate used be based on the rates offered by high quality corporate bonds.
• D) That market-adjusted expected cash flows be discounted at the risk-adjusted rate.
• E) None of the given answers.

Differentiate between types of online agreements and understand their legal standing.

Understand the implications of timing in contract negotiations.

Recognize when a quotation or advertisement constitutes an offer.

Explain the conditions under which an offeror can or cannot revoke an offer.

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Definitions:

Inborn Tendencies

Natural instincts or inclinations that are present from birth, reflecting genetic or inherent characteristics of an individual.

Arousal Stimulation

Refers to activities or stimuli that increase physiological and psychological activity or alertness.

Temperamental Style

An individual's natural disposition or innate behavior tendencies that are evident from early life.

Effortful Control

The ability to regulate one's behavior, emotions, and thoughts in the face of temptations and impulses, essentially exercising self-control.