For Each Class of Provision, an Entity Is Required Under

question 15

Multiple Choice

For each class of provision, an entity is required under IAS 37 Provisions, Contingent Liabilities and Contingent Assets, to disclose the following information:
I The carrying amount at the beginning and end of the period.
II Amounts incurred and charged against the provision during the period.
III Comparative information.
IV Unused amounts reversed during the period.
V Additional provisions made during the period.

• A) I, II, IV and V only;
• B) I, II, and III only;
• C) II, III and IV only;
• D) I, III, IV and V only.

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Definitions:

Capital Intensive

A characteristic of businesses that require large investments in capital assets, like machinery and equipment, to produce goods or services.

Labor Intensive

Describes a process or industry that requires a large amount of labor to produce its goods or services, compared to the amount of capital used.

Manufacturing Businesses

Companies engaged in the conversion of raw materials into finished products through the use of machinery and labor, often at a large scale.

High-growth CEOs

Chief executive officers leading companies experiencing rapid expansion in revenue, staff, or market share.