Under What Conditions Would It Be Professionally Acceptable to Use

question 7

Multiple Choice

Under what conditions would it be professionally acceptable to use resources that are "anonymous"?

• A)when the accounts are associated with some sort of organization or foundation
• B)when you already know who "anonymous" is
• C)when the accounts have a "ring of truth" to them and seem logical
• D)when you wish to examine first-person accounts dealing with sensitive personal issues, like descriptions of abuse or sexuality

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Definitions:

AASB 137

The Australian Accounting Standards Board standard that specifies the accounting for provisions, contingent liabilities, and contingent assets.

Deferred Liability

A deferred liability is a financial obligation that a company owes and is recorded on its balance sheet to be settled in a future period.

Uncertain Future Events

Events whose occurrence and impact cannot be predicted with certainty, often requiring risk management and contingency planning.

Contingent Liability

A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.