appf - A PPENDIX F OTHER SIGNIFICANT LIABILITIES SUMMARY OF...

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APPENDIX F OTHER SIGNIFICANT LIABILITIES SUMMARY OF QUESTIONS BY OBJECTIVES AND BLOOM’S TAXONOMY Ite SO BT Ite SO BT Ite SO BT Ite SO BT Ite SO BT True-False Statements 1. 1 K 3. 1 C 5. 2 K 7. 2 K 9. 3 K 2. 1 K 4. 1 K 6. 2 K 8. 3 K 10. 3 C Multiple Choice Questions 11. 1 C 15. 1 K 19. 1 K 23. 2 K 27. 3 K 12. 1 K 16. 1 K 20. 1 K 24. 2 C 28. 3 C 13. 1 K 17. 1 AP 21. 2 K 25. 2 K 29. 3 AP 14. 1 K 18. 1 AP 22. 2 K 26. 2 K 30. 3 K Exercises 31. 1 AP 33. 1 AP 35. 2 AP 32. 1,3 AP 34. 1,3 AP 36. 2 AP Completion Statements 37. 1 K 38. 2 K Matching 39. 1 K Short-Answer Essay 40. 1 S SUMMARY OF STUDY OBJECTIVES BY QUESTION TYPE Ite Typ Ite Typ Ite Typ Ite Typ Ite Typ Ite Typ Ite Typ Study Objective 1 1. TF 4. TF 13. MC 16. MC 19. MC 32. Ex 37. C 2. TF 11. MC 14. MC 17. MC 20. MC 33. Ex 39. Ma 3. TF 12. MC 15. MC 18. MC 31. Ex 34. Ex 40. S-A Study Objective 2 5. TF 7. TF 22. MC 24. MC 26. MC 36. Ex 6. TF 21. MC 23. MC 25. MC 35. Ex 38. C Study Objective 3 8. TF 10. TF 28. MC 30. MC 34. Ex 9. TF 27. MC 29. MC 32. Ex
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Test Bank for Financial Accounting: IFRS Edition Note: TF = True-False C = Completion Ma = Matching MC = Multiple Choice Ex = Exercise S-A = Short-Answer Essay F - 2
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Other Significant Liabilities CHAPTER STUDY OBJECTIVES 1. Describe the accounting and disclosure requirements for provisions and contingent liabilities. If it is probable that the obligation will require a cash outflow (if it is likely to occur) and the amount can be reasonably estimabled, the liability should be recorded in the accounts as a provision. If a cash outflow is only reasonably possible (it could occur), then it should be disclosed only in the notes to the financial statements as a contingent liability. If the possibility that the contingency will happen is remote (unlikely to occur), it need not be recorded or disclosed. 2. Contrast the accounting for operating and finance leases. For an operating lease, lease (or rental) payments are recorded as an expense by the lessee (renter). For a finance lease, the lessee records the asset and related obligation at the present value of the future lease payments. 3. Identify additional fringe benefits associated with employee compensation. Additional fringe benefits associated with wages are paid absences (paid vacations, sick pay benefits, and paid holidays), postretirement health care and life insurance, and pensions. The two most common types of pension arrangements are a defined-contribution plan and a defined-benefit plan. TRUE-FALSE STATEMENTS 1. Contingent liabilities should be recorded in the accounts if there is a remote possibility that the contingency will actually occur. Answer: F, SO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective Thinking, AICPA-BB: Legal/Regulatory Perspective, AICPA-FN: Risk Analysis, AICPA-PC: Problem Solving/Decision Making, IMA: FSA, Sector: General, IFRS: No 2. A provision is a liability of uncertain timing or amount. Answer: T, SO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective Thinking, AICPA-BB: Legal/Regulatory Perspective, AICPA-FN: Risk Analysis,
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appf - A PPENDIX F OTHER SIGNIFICANT LIABILITIES SUMMARY OF...

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