Some liabilities are not contractual obligations and may not be payable in cash.Group of answer choicesTrueFalse

Liabilities which do not meet the recognition criteria and where the possibility of an outflow of economic resources is remote should: Reading required Learning objective 9.4 on page 256. Group of answer choices not be recognised/disclosed in the financial statement at all. be recognised as an accrual. be recognised as a provision. be disclosed as a contingent liability.

All of the following are reported as current liabilities exceptGroup of answer choicesaccounts payable.bonds payable.notes payable.unearned revenues.

The cash payment of a liability: Group of answer choices decreases assets and equity. increases assets and decreases liabilities. decreases assets and increases liabilities. decreases assets and liabilities.

Cash dividend payable is classified as a current liability once declared.Group of answer choicesTrueFalse

The payment of a liability decreases both assets and liabilitiesGroup of answer choicesTrueFalse