AASB 137 'Provisions,Contingent Liabilities and Contingent Assets' Requires Information About

question 24

Multiple Choice

AASB 137 'Provisions,Contingent Liabilities and Contingent Assets' requires information about contingent liabilities to be disclosed in a note to the financial statements where the probability of a future sacrifice of economic benefit is:

• A) higher than remote
• B) above 20%
• C) between 25% and 50%
• D) above 50%

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Definitions:

Work In Process

Inventory that includes all materials, labor, and overhead costs incurred for products that are in the production process.

Physical Units

Refers to the actual countable quantity of items, goods, or products, without considering their value or cost in financial terms.

Production Data

Information related to the manufacturing process, including quantities produced, resources used, and time taken.

January

The first month of the year in the Gregorian calendar.