A Liability Should Only Be Recognised in the Financial Statements

question 12

Multiple Choice

A liability should only be recognised in the financial statements when:

• A) i and ii only
• B) i and iii only
• C) ii and iii only
• D) i, ii and iii

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Definitions:

Correct Code

In medical coding, the accurate numerical or alphanumerical representation of a diagnosis, procedure, or service.

Cartilage

Tough, connective, nonvascular tissue.

Larynx

The voice box located in the upper part of the airway responsible for voice production, breathing, and swallowing.

Alveolar Sac

A tiny sac located at the very end of the respiratory tree in the lungs where gas exchange occurs.