Under IFRS, Which of the Following Is Used to Measure

question 78

Multiple Choice

Under IFRS, which of the following is used to measure a liability, if a range of estimates is predicted and no amount in the range is more likely than any other amount in the range?

• A) Minimum of the range
• B) Maximum of the range
• C) Mid-point of the range
• D) Average of the range

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Definitions:

Nonlabor Income

Refers to earnings that do not come from employment or work performed but from other sources such as investments, pensions, or inheritance.

Wage Rate

the standard amount of compensation given for labor services per unit of time, often expressed per hour or year.

Lump Sum Payment

A single payment made at a particular time, as opposed to multiple payments over time, often used in contexts like settlements or pensions.

Labor Income

Earnings derived from work or employment, including wages, salaries, commissions, and bonuses.