A provision is a liability for which there is greater uncertainty than for other liabilities. The uncertainty is associated with the amount or timing of the expected future sacrifice of economic benefits. Which of the following does not satisfy the definition of a liability?Group of answer choicesAllowance for doubtful debtsProvision for environmental damagesProvision for annual leaveProvision for long service leave

A contingent liability is defined as a:

1. Which of the following is not an aspect of the definition of a liability under the revised Conceptual Framework? a. Probable outflow of economic benefits d. Present obligation as a result of past events b. Transfer of an economic resource c. Obligation

A contingent liability is an existing:Multiple Choicecertain situation that might result in a future loss.uncertain situation that might result in a future gain.certain situation that might result in a future gain.uncertain situation that might result in a future loss.

A contingent liability is defined as a: I II III IV Possible obligation that arises from past event YES YES NO NO Possible obligation WHOSE EXISTENCE WILL BE confirmed by the occurrence of an uncertain future event YES NO YES NO Possible obligation not recognised because the outflow of economic benefits to settle the obligation is not probable. YES NO YES NO Possible obligation that is measured reliably NO NO YES YES A.IV B.III C.II D.I

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.