The Disclosures Required in AASB 1023 in Relation to Liabilities

question 53

Multiple Choice

The disclosures required in AASB 1023 in relation to liabilities for outstanding claims include:

• A) the percentage margin adopted in determining the outstanding claims liability.
• B) the component related to the risk margin.
• C) the central estimate of the expected present value of future payments for claims incurred.
• D) all of the given answers.

Recognize the role of pretesting and pilot studies in enhancing research design.

Identify the importance of correlational studies and understand correlation coefficients.

Understand the characteristics and purposes of narrative and phenomenological research.

Identify key concepts of humanistic psychology and existential philosophy.

---

Definitions:

Budget Deficit

The condition when a government spends more than its income, requiring it to borrow money or accumulate debt to cover the gap.

Trade Deficit

A situation where a country's imports of goods and services exceed its exports, leading to negative balance of trade.

Real Exchange Rate

A measure that adjusts the nominal exchange rate by the relative prices of domestic and foreign goods and services, reflecting the purchasing power of two currencies.

Net Exports

The value of a country's total exports minus its total imports, indicating whether a country is a net exporter or importer.