In Accordance with AASB 137 "Provisions,Contingent Liabilities and Contingent Assets",which

question 32

Multiple Choice

In accordance with AASB 137 "Provisions,Contingent Liabilities and Contingent Assets",which of the following statements is correct?

• A) Contingent liabilities and provisions are required in AASB 137 to be disclosed in the financial statements.
• B) Contingent assets where realisation of economic benefits is probable should be recognized in the financial statements.
• C) Constructive obligations are recognised when entities have no realistic alternative to making future sacrifice of economic benefits.
• D) Provisions for future necessary repairs and maintenance should be recognized in the financial statements.
• E) None of the given answers.

Recognize the requirements and conditions for the negotiability of instruments.

Comprehend the roles and responsibilities of parties involved in the negotiation and endorsement of negotiable instruments.

Understand the implications of signatures and endorsements on negotiable instruments.

Recognize the special rules and exceptions regarding postdated checks and certification requests.

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Definitions:

Haptic Senses

The perception of touch and sensation through skin, muscles, tendons, and joints, enabling the ability to feel physical objects.

Perceptual Process

The series of steps that begins with stimuli in the environment and leads to the perception of that stimulus, involving selection, organization, and interpretation of sensory input.

Exposure

refers to the state of being subject to an influencing factor or environment, often relating to the amount of light in photography, the spread of disease, or the risk factor in finance.

Sense of Sound

The perception or ability to detect vibrations through the ear, leading to the experience of hearing.