An event that gives rise to a present obligation but which cannot be measured with sufficient reliability is an example of a: Reading required            Learning objective 9.3 on page 254Group of answer choicesprovision.accrual.contingent liability.liability.

A contingent liability is defined as a:  Reading required            Learning objective 9.3 on page 254Group of answer choicesIV.III.II.I.

The uncertainty that exists in relation to provisions is one of: Reading required            Learning objective 9.2 on page 253Group of answer choicestiming.amount.timing and amount.timing or amount.

AASB 137/IAS 37 requires provisions to be recognised when:I there has been a past event.II an entity has a present obligation.III the amount of the obligation can be reliably estimated.IV it is possible that an outflow of resources will be required to settle the obligation. Reading required            Learning objective 9.4 on page 255Group of answer choicesI, II and IV.I, III and IV.I, II and III.II, III and IV.

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

If an entity does not expect to recover the carrying amount of an asset, the entity has incurred a/an: Reading required            Learning objective 8.1 on page 220Group of answer choicesdepreciation expense.loss on disposal.amortisation cost.impairment loss.