At Reporting Date for Year 1, Delta Limited Had a Loan

question 12

Multiple Choice

At reporting date for Year 1, Delta Limited had a loan from its financial institution that is expected to settle within six months. The loan term was renegotiated after reporting date and before the authorisation date of the financial statements and the repayment date was extended by two years. For the purposes of financial statement presentation for Year 1, this loan is classified by Delta Limited as a/an:

• A) current liability.
• B) contingent liability.
• C) non-current liability.
• D) off-statement of financial position liability.

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Definitions:

Mental Characters

Psychological traits or attributes that define an individual's personality or cognitive profile.

Personality Theory

The study of how individual personality traits are formed, and how they influence behavior and actions.

Group Membership

The state of being a part of a collection of individuals who share a common identity, goal, or interest.

Personality Formation

The process by which an individual's personality develops over time, influenced by both genetics and environment.